The Financial Conduct Authority has confirmed that international financial firms seeking authorisation must have an active place of business in the UK to operate in the UK market post-Brexit.

The Brexit agreement has left UK financial services firms effectively operating under a 'no-deal, hard-Brexit' scenario with continued uncertainty, consultancy firm Capco has warned.

The retail financial services sector has welcomed the UK-EU trade deal announced on Christmas Eve but warned that many question remain on the future of the financial services sector post-Brexit.

The FCA has urged financial services firms to be ready for the end of the Brexit transition period on 31 December as it prepares to make 300 updates to its website.