UK watchdog tells markets: be ready in case of no-deal Brexit

Financial firms in Britain should be ready in case there is no trade deal with the European Union by December, a senior UK regulator said on Thursday.

Britain leaves the bloc next week, followed by a "business as usual" transition period that ends in December. Britain and the EU will formally begin trade talks in the coming weeks.

"Firms still need to ensure they are prepared for a range of scenarios that may happen at the end of 2020," said Nausicaa Delfas, head of international at the Financial Conduct Authority.