The Chancellor of the Exchequer and the Bank of England have revealed there will be “severe” new standards in cyber security for financial firms, which are set to be unveiled this year.

The Treasury has outlined its financial services legislation plans in the event of a ‘no deal’ Brexit although it believes a transitionary deal until December 2020 will still happen.

PIMFA, which represents 1,000 UK wealth managers and and financial advisers, has raised concerns on the potential impact of a ‘no-deal’ Brexit and how it will affect private investors and firms.

A new report, by the FCA Practitioner Panel, has highlighted that the regulator has room for improvement in international regulation and Brexit.