LONDON (Reuters) - Banks and other financial services firms need a transition period based on current trading arrangements after Britain leaves the European Union, a top UK markets watchdog said on Thursday.
Andrew Bailey, chief executive of the Financial Conduct Authority, told a Reuters Newsmaker event that such a transition period was needed to avoid disruption to markets.
“What it looks like is to be able to continue with current arrangements while whatever comes next is put into effect,” Bailey said.
“It needs to be a sensible period.”
Reporting by Huw Jones; Editing by Greg Mahlich