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[...]Financial Conduct Authority chief executive Andrew Bailey said City firms were getting near to the point where they would have to take steps to move staff and other measures to ensure that they can continue to operate seamlessly once the UK leaves the EU in March 2019. [...]
The Bank of England called on hundreds of City firms to submit their Brexit plans by 14 July, and Bailey is warning that they may have to be implemented at the end of this year if they are to have enough time to complete their preparations.
“By the end of this year, their plans tell them that in order to have things in place, they’ve got to implement them,” said Bailey. Without a transition agreement, they will be having to do so without knowing the outcome of the negotiations. Firms were not moving their business yet, he said, but they were talking “more in terms of getting there”. [...]