April 9, 2018 / 8:50 AM / 7 months ago

UK markets watchdog urges EU regulators to coordinate on Brexit

LONDON, April 9 (Reuters) - European Union regulators should immediately start coordinating with their British counterparts to ensure a smooth Brexit next year, the UK’s markets watchdog said on Monday.

The Financial Conduct Authority has said financial firms should feel comfortable about relying on a transition deal agreed last month between Britain and the EU.

EU officials, however, say this was a political deal and won’t be legally ratified until later in the year, meaning firms should continue implementing plans based on a “hard” Brexit next March.

“We should not hold up the work, in my view,” FCA chief executive Andrew Bailey told reporters.

He said UK and EU regulators could start coordinating now so that a system of regulatory coordination is in place, ready to be introduced once transition has been legally ratified.

The plans would include ensuring continuity in cross-border derivatives and insurance contracts. (Reporting by Huw Jones; Editing by Toby Chopra)

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