FCA demands asset managers reveal Brexit plans

Impact on staff and operations

The Financial Conduct Authority (FCA) has written to the UK's largest asset managers to request detailed information about their contingency plans for the impact of Brexit on their businesses.

In a 30-question letter, the regulator asked firm's for an account of how the UK's departure from the EU will impact their business models, including whether or not UK-based companies are planning to relocate staff or operations out of the country. According to the Financial Times, the letter also asks how Brexit is likely to affect their capital base or IT systems; whether they have applied for new licences from foreign regulators; and to what extent fund houses are responding to Brexit based on how other companies react. "It is important for us as supervisors to understand the plans...