UK financial watchdog prepares for hard Brexit amid growing concerns

Britain's markets watchdog has opened a public consultation on contingency plans for financial firms in the event of a no-deal Brexit next March.

"The paper sets out how European Economic Area firms and investment funds can continue to carry on regulated business in or into the UK for a limited period after Brexit while seeking full authorisation in the UK. The regime will only be available from 29 March 2019 if the UK leaves the EU without an implementation period," the Financial Conduct Authority said in a statement.