The boss of Britain’s financial watchdog has called for a legally-binding transition agreement on Brexit to ensure the UK’s powerhouse financial sector can cope with any sudden loss of passporting rights. The boss of Britain’s financial watchdog has called for a legally-binding transition agreement on Brexit to ensure the UK’s powerhouse financial sector can cope with any sudden loss of passporting rights. Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), said a transition period needed a “conditional commitment” on behalf of Britain and the EU to help guard against the risks posed by a halt to passporting or contract continuity. Speaking to the House of Lords EU financial affairs sub-committee, he said: “I think that we have reached a point where it is necessary to have a transition period to allow us time to deal with those risks. “That is the thing that I think needs to be sorted out PDQ (pretty darned quickly) as they say.

Source: Irish Independent November 29, 2017 12:45 UTC