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Bank of England to clarify approach to Brexit, after UK-EU transition deal

The Bank of England will offer an update on its regulatory approach to Brexit for lenders and insurers in the week of March 26, Reuters reported. This follows the agreement struck between the U.K. and EU on a 21-month Brexit transition period.

"The Bank of England welcomes the EU Council’s conclusion that there should be a transition period following the UK’s withdrawal from the EU," a spokesperson for the regulator said March 23.

Meanwhile, the U.K.'s Financial Conduct Authority did not update the list of firms to be regulated by it, but said it welcomed the deal.

Executives from industry groups such as lobby group The CityUK, the Association for Financial Markets in Europe as well as the U.K.'s Investment Association called for regulators to clarify their expectations of the post-Brexit regime to allow companies to plan for the period after March 2019, and take contingency measures such as establishing full subsidiaries in the EU.

Despite the March 19 agreement, however, EU chief Brexit negotiator Michel Barnier warned the EU and U.K. were "not at the end of the road, and a lot of work remains to be done on important subjects."