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Preparing for Brexit a Key FCA Priority for 2018/2019

The U.K. Financial Conduct Authority (FCA) recently published its 2018/19 Business Plan (Plan), its 2018 Sector Views and a consultation paper on 2018/19 fees and levies. A recurring theme of the Plan is the potential impact of the U.K.’s impending withdrawal from the E.U. In a press release, Andrew Bailey, the FCA’s Chief Executive, emphasized that the priorities discussed in the Plan “reflect the high level of resource we need to dedicate to EU Withdrawal, given its impact both on our regulation and on the firms we regulate.” The Plan focuses on the seven “cross-sector priorities” affecting some or all of the business sectors within its purview. It also delineates the FCA’s priorities in each of seven distinct sectors, including investment management. This article summarizes the FCA’s cross-sector priorities, as well as the other portions of the FCA materials most relevant to private fund managers. For coverage of prior FCA business plans, sector views and mission statements, see “FCA Details Three of Its 2017 Priorities: Competition in the Asset Management Market, Liquidity Management and Custodians” (May 4, 2017); and “FCA 2016-2017 Regulatory and Supervisory Priorities Include Focus on AML, Cybersecurity and Governance” (Apr. 14, 2016).

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