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U.K.'s Largest Asset Managers Questioned on Brexit Plans by FCA

  • Regulator sent questions to about 20 asset managers on plans
  • Firms asked about foreign license applications, IT systems

The U.K. Financial Conduct Authority wrote to about 20 of the country’s largest asset managers seeking information on their Brexit plans, as the regulator looks to shore-up the industry ahead of Britain’s divorce from the European Union.

The letter, which was sent in recent weeks, contained a list of questions for firms about plans to relocate staff or apply for foreign licenses in the wake of Brexit, as well as their IT systems and capital reserves. The questions form part of the FCA’s general supervision work on Brexit.