Markets watchdog to spend €30m on Brexit

The UK's financial markets regulator has called on his counterparts at the European Union to start working on a smooth Brexit. 
The Financial Conduct Authority (FCA), which said it expects to spend €30m dealing with Brexit, believes the transition deal between the EU and UK should give the industry certainty for planning ahead.
"We recognise that this year we need to dedicate a significant amount of resource to withdrawal from the EU," FCA chief executive Andrew Bailey said.:: Open Banking: Britain's gigantic financial experiment"We will closely monitor the progress of negotiations and the potential for any further impact on our cost base."Mr Bailey made the comments as the FCA sets out its budget for the next financial year. It has a budget of €518.2m.
While he said uncertainty over some areas of Brexit existed, regulators should work on regulations to implement once the transition has been legally ratified.The hope is cross-border derivatives and insurance contracts are not affected by Brexit."We should not hold up the work, in my view," Mr Bailey said.
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But EU officials warned the political deal has not yet cleared legal hurdles and is unlikely to until late next year.Financial firms should still be planning for a "hard" Brexit next March, officials said.
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