The FCA has launched a new consultation on its approach to regulating international financial firms operating in the UK.
The watchdog said it expects an increase in the number of international firms seeking authorisation at the end of the Brexit transition period, with more than 1,500 firms currently registered in the Temporary Permissions Regime.
The latest consultation is relevant to European Economic Area (EEA) firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime, as well as firms from non-EEA countries already authorised in the UK and those that have applied or intend to apply.
International firms serving UK customers through branches can create different risks of harm compared to UK firms, the FCA suggested, because of the way their businesses are structured and operate.
As part of the consultation, the regulator said it wants to hear views on how these risks can be mitigated, and when it would be appropriate for an international firm to seek authorisation as a UK-incorporated firm for all or part of its business.
FCA executive director of international, Nausicaa Delfas, commented: “With the Brexit transition period due to end on 31 December 2020, firms that have registered for temporary permission will need to consider plans for full authorisation.
“Today we are setting out our expectations for the future authorisation and supervision of international firms, to ensure appropriate protection for users of financial services.
“International firms are a key contributor to the success of the UK financial services market. This consultation will give EEA and non-EEA firms a chance to feedback on our future approach to the regulation of international firms.”
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