However, the FCA moved quickly to quash any such hopes and to emphasise that firms cannot simply scrap current implementation plans, by stating immediately after the announcement of the UK's vote to leave the EU:
"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." (our emphasis)