U.K. – FCA Transition Power Brexit

U.K. – FCA Transition Power Brexit

On 22 November 2019, UK FCA issued the final handbook notice 71 on FOS jurisdiction.

  • Exiting the EU: Dispute Resolution: Complaints (Amendments) Instrument 2019
  • As this involved an administrative change, FOS did not consult on the proposed change to the FCA handbook section listed, as follows: DISP 2.5 and 2 Annex 1G.
  • In summary, this administrative instrument ensures that EU exit-related changes to FOS’s voluntary jurisdiction only come into force when the UK leaves the EU.
  • Changing the commencement date from a specific date to exit day will also ensure that, once the date of exit is known and confirmed in the Act, only the Glossary term exit day will need to be changed (rather than individual handbook provisions).
  • This instrument came into force on 30 October 2019.