The EU referendum result has sent shockwaves around Europe, with the Prime Minister also resigning in the wake of defeat for his side.

The FCA released a statement this morning, in which it said the decision “significant implications for the UK”, and stressed that EU regulation still applies in the interim while Britain cements plans on how to exit and when.

The statement read: “The FCA is in very close contact with the firms we supervise as well as the Treasury, the Bank of England and other UK authorities, and we are monitoring developments in the financial markets.

“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.”

The FCA said it will work closely with the Government when it comes to working out the arrangements for the UK’s future relationship with the EU.