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Nausicaa Delfas, Head of International Strategy at the Financial Conduct Authority (FCA) was reported by Reuters, as forewarning that Britain’s banks and insurers must plan for a “hard” Brexit in case of a no-Brexit deal.

Key Quotes (via Reuters):

“With eight months until we exit the European Union in March 2019, it is important we all “” regulators and industry “” continue to plan for a range of scenarios.”

“Across the FCA, together with colleagues from the Bank of England and the government, we have been working to develop a number of safeguards and contingencies, in the event of a hard Brexit, to ensure that ‘day 1’ works smoothly.”  

“In terms of our longer-term future – our markets will remain highly integrated whatever the outcome of Brexit. We believe a good outcome is achievable – one that is in the interests of both the UK and the EU.”