Experts from across the financial sector have expressed their fears over a ‘no deal’ Brexit after the Government produced guidance in the eventuality of no agreement between the UK and EU.

The FCA is to amend its Handbook to ensure it is ready for Brexit and will limit Handbook changes unrelated to Brexit in the period up to EU withdrawal.

The FCA has created a “new and vital role” to help steer the organisation through Brexit.

The FCA says it believes that ‘passporting’ - the ability of a firm regulated in the UK to operate around the EU - should be maintained post-Brexit during any transition period.