The UK’s Financial Conduct Authority (FCA) has set aside £30m to cover costs for preparations related to Britain’s departure from the European Union (EU) in 2019.
Of the total amount earmarked, £14m will be procured through reprioritising, delaying or reducing non-critical activities.
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A total of £5m is expected to come from the financial regulator’s reserves, while another £5m will come from fees charged on firms, particularly those that are expected to be most affected by Brexit.
The remaining £6m of funds will be secured through firm-specific costs related to new regulation.
At the same time, the regulator also set out its priority areas for the coming year. These include firms’ culture and governance; high-cost credit; tackling financial crime; data security, resilience and outsourcing; innovation, big data, technology and competition; treatment of existing customers; and long-term savings, pensions and intergenerational differences.
FCA CEO Andrew Bailey said: “We recognise that this year we need to dedicate a significant amount of resource to withdrawal from the EU. As a result, setting our priorities this year has involved a particularly rigorous level of scrutiny and challenge to focus on areas where we see the greatest potential for harm.”
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