Responding to the FCA’s Business Plan for 2017/18, Fiona Fry, Head of KPMG’s Regulatory Centre of Excellence comments:
“The FCA’s role in ensuring a smooth Brexit cannot be underestimated. The regulator will play a central role in transferring EU rules into UK law, ensuring the UK’s regulatory framework remains globally renowned and providing technical support to government. Many will be asking if the £2.5m Brexit budget announced today matches the enormity of the task. The FCA already has a lot of important work on its plate so any shift in its priorities to accommodate Brexit will be challenging to execute.
“It is evident from the FCA’s Brexit principles that it is keeping the UK market at the forefront of its priorities, however, some principles refer to ‘co-operation between regulators’ and maintaining ‘consistent global standards’ showing that the regulator acknowledges the fate of the UK market is not completely within its own control. Additionally, the potential ramifications of a general election taking place on 8th June should not be overlooked. The election result has the potential to markedly impact the Brexit process as the government seeks to strengthen its mandate for negotiations.
“Whatever the outcome, the FCA will have two years to ensure the UK financial market remains stable and strong as we prepare to play an independent role in the global economy. The FCA’s business plan will hopefully form a reliable bedrock for that work.”
Notes to editor:
For further information please contact:
Christina Bridge, KPMG UK
T +44 (0) 207 311 4252
M: +44 (0) 778 950 4905
KPMG Press office
Tel: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.