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FCA Sets Out ‘Mission’ as British Bank Regulator Ushers In New Era

  • ‘Mission’ published Tuesday setting out principles, priorities
  • Brexit, PPI campaign are focus for next year in business plan
Brexit Triggered: What Happens Now?

Brexit Triggered: What Happens Now?

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The U.K. Financial Conduct Authority will prioritize advising the government on Brexit and helping consumers with improperly sold payment-protection insurance, according to its business plan, published alongside a “mission” statement that seeks to usher in a new era at the regulator.

The FCA allocated 2.5 million pounds ($3.2 million) for Brexit costs over the next year, about 0.5 percent of its 526.9 million-pound budget, Chief Executive Officer Andrew Bailey said at a press conference Tuesday in London. The amount was relatively small because the agency is trying to absorb as much as it could through its existing spending.