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The Credit Services Association (CSA)
CSA statement on referendum result
Following the result of the EU referendum, the Credit Services Association (CSA) will be consulting extensively with Government, UK and European regulators and stakeholders, and of course with our colleagues and friends across Europe, to ensure we continue to work productively together, and to highlight any practical or regulatory issues which need to be overcome as the terms of the British exit are negotiated.
Whether your firm is FCA authorised or not, I wanted to share with you the comments made this morning by the FCA, which serve to remind us all that, for the near future at least, it will mostly be business as usual. The FCA commented as follows:
“Much financial regulation currently applicable in the UK derives from EU legislation. This regulation will remain applicable until any changes are made, which will be a matter for Government and Parliament.
"Firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect.
"Consumers’ rights and protections, including any derived from EU legislation, are unaffected by the result of the referendum and will remain unchanged unless and until the Government changes the applicable legislation.
"The longer term impacts of the decision to leave the EU on the overall regulatory framework for the UK will depend, in part, on the relationship that the UK seeks with the EU in the future. We will work closely with the Government as it confirms the arrangements for the UK’s future relationship with the EU.”
I would urge you to continue to support our regular CSA conferences and Member forums at this pivotal time for the credit industry and the country. Over the coming weeks and months, we will be providing lots of further information and guidance to help all our Members safely navigate the changes that will take place as a result of the referendum.
We are always here to help, so please don’t hesitate to contact me on email@example.com or Head Office on 0191 217 0775 if you have any immediate questions or thoughts on how we can work together to support your business and your customers.