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Several weeks ago, our Managing Director Jamie Cooke wrote a blog which discussed the position of UK-authorised firms with regard to EEA-resident clients. He pointed out that in the case of a ‘No Deal’ Brexit, a passporting UK firm will no longer be able to actively solicit EEA-based clients and discussed the lack of clarity regarding business initiated exclusively at the discretion of EEA-based clients.
To try to help clear some of the regulatory fog, the FCA provided some verbal guidance last week in one of their regular Brexit briefings for financial services firms, which my fellow fscom director Alison Donnelly attended as a representative of the The Payments Association (Payments Association). They also committed to publish more detailed guidance within the next week with regards to the implications for UK-authorised firms of a no-deal Brexit.
Read more here.