The FCA has stressed that there will be no changes to its rules and regulations despite the UK exiting the EU tonight at 11 pm (31 January).

Following Brexit the UK will enter an implementation period which is due to last until 31 December.

The watchdog said that during this implementation period EU law will continue to apply and firms and funds will continue to benefit from passporting between the UK and EEA countries.

Consumer rights and protections under EU law will also remain in place.

In guidance to regulated firms the FCA said: “There will therefore be no changes to the reporting obligations for firms, including those for MiFIR transaction reporting, under EMIR, and for CRAs, which will continue in line with existing EU regulatory requirements.”

The windows for EEA firms to notify the FCA that they want to use the Temporary Permissions Regime (TPR), or for fund managers to notify the regulator of any funds they want to continue to market in the UK under the Temporary Marketing Permissions Regime (TMPR), closed yesterday (30 January).

Andrew Bailey, FCA chief executive, said: “The work the FCA has undertaken, along with government and the Bank of England, ensured the financial services sector was one of the best prepared industries for any of the possible Brexit outcomes.

“The implementation period gives firms a period of certainty while negotiations are continuing on our future relationship with the EU.”

He said the FCA would use the implementation period to work with government, the Bank of England, firms and other regulators to ensure the financial services industry is ready for the end of 2020.

The FCA has, however, urged firms to prepare now for actions to ensure that post 1 January 2021 they minimise risks to customers.

The FCA provides regular updates on its Brexit webpages, and firms can also call the FCA Brexit information line (0800 048 4255).