The authority said that during the implementation period of the UK’s withdrawal from the EU today, which is due to last until 31st December 2020, EU law will continue to apply.

The FCA has emphasised that Firms and funds will continue to benefit from passporting between the UK and EEA whilst consumer rights and protections derived from EU law will also remain in place.

The watchdog said that there will, therefore, be no changes to the reporting obligations for firms, including those for MiFIR transaction reporting, under EMIR, and for CRAs, which will continue in line with existing EU regulatory requirements.

Andrew Bailey, chief executive of the Financial Conduct Authority, said: “The work the FCA has undertaken, along with government and the Bank of England, ensured the financial services sector was one of the best-prepared industries for any of the possible Brexit outcomes. The implementation period gives firms a period of certainty while negotiations are continuing on our future relationship with the EU.

“The FCA intends to use this time to work with government, the Bank of England, firms and other regulators to ensure the financial services industry is ready for the end of 2020. We will continue to keep firms and consumers updated on any changes that will impact them.”

The FCA urged that as things develop during the year, all financial services firms should consider how Brexit will impact their business and what action they need to take to be ready for 1 January 2021 to minimise risks to customers.