On February 27, 2019, the Financial Conduct Authority (FCA) released updated guidance regarding preparations that regulated firms should make ahead of the UK’s departure from the EU, to ensure an as smooth as possible transition and to safeguard the interests of their customers regardless of whether an agreement is in place or not.
The guidance covers key sectors of the financial industry, including the banking and payments sector.
In particular, the FCA points out the necessity for all firms to have contingency plans ready to be implemented for a range of scenarios: one of which is the fact that in the case of a no-deal Brexit, the UK will cease to fall within the geographical scope of the Single Euro Payments Area (SEPA) schemes.
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