UK Insurers, Banks to Get Regulatory Transition Period in Event of Hard Brexit

British regulators will give banks, asset managers, insurers and brokers until mid-2020 to fully comply with rules that replace European Union law in the event of a no-deal Brexit.

The Bank of England and Britain’s Financial Conduct Authority (FCA) on Thursday published a “near final” version of the rulebook that would come into effect if Britain leaves the EU without a transition deal. Britain has already turned EU laws into UK statutes, but this “onshoring” entailed some changes to function properly and financial firms have said they would have limited time to comply if there is a no-deal Brexit, meaning they would be in breach of regulation and face possible sanction……CLICK HERE