Strategy
FCA To Use Cash Surplus To Fund Brexit Costs

As negotiations are underway between the European Union and the UK, institutions in Britain are planning for the future.
UK’s financial services watchdog, Financial
Conduct Authority, has said it will put aside money saved to
help with expenditure from Britain’s departure from the European
Union.
In a business plan published, earlier in the week, called FCA
regulated fees and levies 2017/18, the FCA set out its plans
for the future especially on Brexit, which has caused great
divide in the UK on whether the country should go forward with a
soft or hard Brexit in the negotiations with the EU.
The FCA said in the report it will use its surplus from the
2016/17 funds to help with the unknown costs of Brexit.
“As set out in our business plan, the UK's withdrawal from the EU
will have important implications for us over the coming years and
will be a key area of focus,” the FCA said. “We have dedicated
resource to coordinate and manage this work and are liaising
closely with the Treasury and the Bank of England as well as
providing the Government with technical FCA regulated fees and
levies in 2017/18 to support it during the withdrawal process. As
we gain more certainty over the process, we will review the need
to recover such costs in future years.”
The watchdog also said it will use the retained funds to help
fund its move to its new offices in Stratford, London at the
International Quarter, which will take place in 2018.
WealthBriefing reported recently that the UK's financial
services watchdog has confirmed
its plans to hike advisors' regulatory fees 4.7 per cent,
which the FCA admitted in the same report.