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Bank of England prepares for the UK's withdrawal


Are you preparing for the UK’s withdrawal from the EU? The Bank of England is, including all possible scenarios. The latest from the BoE is regarding their plans for the event that the UK’s Withdrawal Agreement with the EU does not take effect, and the UK withdraws without an agreement on March 29th. The BoE and the FCA have been coordinating closely, here’s what they say:

The bank’s intention is to provide a “-broad transitional relief-” for the regulatory obligations of the banks under it’s supervision without a clear agreement with the EU.

They’re publishing detailed guidance for firms within the period of 15 months after the withdrawal. These guidance rules are subject to future ratification of proposed legislation.

Secondly, the BoE is changing their own rules and their binding technical standards as a result of the withdrawal. This is mainly done to make sure there’s a functioning legal framework after the withdrawal.

Finally, the bank is setting out the role and responsibilities it will have if there is not withdrawal agreement with the EU.

These rules are becoming increasingly important as we approach the March 29th- deadline of the UK’s withdrawal. The experts at SORQ are monitoring the situation very closely, and stand by to assist you with any challenges the transition out of EU may have on your business operations. Contact us today to receive expert guidance on what these rules mean for your business.

Arthur Shah-Nazarov