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FCA says Brexit vote will have 'significant implications'

The FCA said it is in 'very close contact' with firms it supervises. Credit: PA

The UK's decision to leave the European Union will have "significant implications" for the country, the Financial Conduct Authority (FCA) has said.

The regulator said the long-term impact of the referendum result would depend in part on the relationship the UK forms with the EU in the future.

It said it was in "very close contact" with firms it supervises as well as the Treasury, the Bank of England and other UK authorities.

"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 FCA said.

"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.

"We will work closely with the Government as it confirms the arrangements for the UK’s future relationship with the EU."

ECB ready to provide cash to banks hit by Brexit turmoil

The European Central Bank has said it is ready to provide euro and foreign currency liquidity to European nations as Brexit sent global financial markets into a tailspin.

The headquarters of the European Central Bank in Frankfurt, Germany. Credit: Reuters

Following the outcome of the UK referendum, the European Central Bank is closely monitoring financial markets and is in close contact with other central banks.

The ECB stands ready to provide additional liquidity, if needed, in euro and foreign currencies. The ECB will continue to fulfill its responsibilities to ensure price stability and financial stability in the euro area.

– European Central Bank

ECB officials added that the Brexit would have a limited impact on the particularly fraught Greek economy.


FTSE-100 index down by 8% as bank stocks drop by 30%

The FTSE-100 has fallen by more than eight percent within minutes as markets opened on Friday following Britain's decision to leave the European Union.

Bank stocks have fallen by 30%, ITV News Business Editor Joel Hills reports:

EU referendum: Britain set to lose triple-A rating

London's Canary Wharf financial district. Credit: Reuters

Britain is set to lose its triple-A credit rating after voting to leave the European Union, ratings agency S&P has said.

Moritz Kraemer, chief ratings officer for S&P, told the Financial Times: "We think that a AAA-rating is untenable under the circumstances."


Pound at lowest level against dollar since 2009

The pound has fallen by 8.5 per cent against the dollar - its lowest level since 2009.

Our Business Editor Joel Hills is in the City of London monitoring the markets' reaction:

Pound suffers biggest fall since Black Wednesday

The pound has experienced a volatile evening. Credit: PA

The pound has seen the biggest fall in its value since the Black Wednesday crash of 1992, as a Leave victory looks increasingly likely.

Only a few hours previously it had reached a year high, as an opinion poll favouring Remain was released as polling stations closed.

The pound soared through the $1.5 mark, its strongest performance since December 2015, after Nigel Farage appeared to concede defeat in the face of a YouGov poll and City analysis indicating a win for Remain.

But a slim victory for Remain in Newcastle followed by a significant win for Leave in Sunderland sent the pound crashing to $1.43 dollars - a bigger drop than Black Wednesday's 4.1 per cent fall.

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