Central Banking

Time running out for Brexit data compliance, Bailey warns

Andrew Bailey, chief executive of the UK Financial Conduct Authority

Time has run out for the country’s financial sector to prepare fully for a crash exit from the European Union, according to Andrew Bailey, chief executive of the UK Financial Conduct Authority (FCA).

Bailey told the House of Lords’ EU financial affairs subcommittee on February 27: “If we go into a no-deal exit… firms will not be able to do all the changes in their systems and documentation for day one. We are giving firms priorities to focus on, and giving them leeway on the side of them

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