Find out about our survey of firms that passport into the UK.
In December 2017, the UK Government announced that if necessary it will legislate to provide a temporary permission scheme for EEA firms and funds passporting into the UK. EEA firms and funds which receive a temporary permission would be able to enter into new business and fulfil existing contracts with UK customers for a period of time after exit day, while seeking full authorisation in the UK.
We set out initial details of how we intend to use this scheme in December 2017.
Subject to HM Treasury’s legislation setting up the temporary permission scheme, our expectation is that firms and funds that would be solo-regulated in the UK by the FCA would need to notify us before the UK exits the European Union of their desire to benefit from the regime.
We anticipate this notification will be a relatively simple process and that a system to enable firms and funds to do this will be set up ahead of exit day. Notification will not require the submission of an application for authorisation in the UK prior to exit day. We will set out further details on these proposals, and how the scheme will operate in due course.
To help inform these communications and to identify firms for which a temporary permission may be relevant we are asking relevant firms and fund managers to complete a short online survey. The information will also help contribute to the overall design of the scheme as well as enabling us to communicate directly with interested firms about the scheme and authorisation process.
The Prudential Regulation Authority (PRA) previously set out its own proposals. Firms which would be authorised by the PRA should contact the PRA to discuss its proposals.
The survey closes on 11 May 2018.
What the survey covers
The survey includes questions covering contact details, the directives under which firms are passporting in to the UK and firms’ intentions around accessing the UK market following the UK’s withdrawal from the EU. It should take no more than 15 minutes to complete.
Who should complete this survey
If your firm passports into the UK (either via a branch or on a cross-border services basis) or markets funds in the UK please complete this short on-line survey.
Dual-regulated firms will need to follow the regime set out by the PRA. EEA credit institutions and insurers that passport into the UK should contact the PRA, if they have not already done so.
By completing the survey, you will help us keep you up to date with information regarding the UK’s withdrawal from the EU and any actions your firm may need to take to continue to access the UK market post-exit.
Before starting, please find your firm’s Reference Number on the UK’s Financial Services Register, as you will need this when completing the survey. You can do this by searching for your firm’s name. The Reference Number will be shown at the top of your firm’s page. You can also use the Register to check whether your firm passports into the UK. Just search for your firm and look under the 'Passport in' heading.
The survey is secure and responses are only accessible to FCA employees. We may share some responses with the UK’s Prudential Regulation Authority (which is part of the Bank of England) if your firm is an insurer or credit institution as the PRA may need to be involved in your firm’s preparations for EU withdrawal. We may also share the information on an anonymised basis.
If you have any questions you can contact us.