Dear The Financial Conduct Authority,

Can you tell me what no deal planning has been done by the FCA and provide me the documents in regards to Brexit?

Can you tell me have there been any changes with the election of Boris Johnson?

Yours faithfully,

Abdul Hai

The Financial Conduct Authority

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Freedom of Information, The Financial Conduct Authority

Our Ref: FOI6739

Dear Mr Hai

Freedom of Information: Right to know request

Thank you for your request under the Freedom of Information Act 2000 (“the Act”) dated 29th August 2019 for the following information. We have numbered your request for ease of reference.

“1. Can you tell me what no deal planning has been done by the FCA and provide me the documents in regard to Brexit?

2. Can you tell me have there been any changes with the election of Boris Johnson?”

Your request has now been considered and our response is set out below.

As outlined in our Business Plan for 2019/2020, EU Withdrawal is a major project requiring significant resource across multiple areas of the organisation. As an organisation, we are planning for a range of scenarios, including that of a no-deal exit. With regard to your second question, our underlying planning scenarios have not changed as a consequence of the appointment of Boris Johnson as Prime Minister.

With regard to your first question, planning work has been, and continues to be, subject to scrutiny in multiple internal regular and ad-hoc meetings, accompanied by a substantial volume of documentation.

As a result, we estimate that responding to your request to provide all the documents that relate to our no deal planning would exceed the cost limit provided for in the Freedom of Information and Data Protection (Appropriate Limit and Fees) Regulations 2004, and Section 12 (Cost of compliance exceeds appropriate limit) of the Act applies.
For more information, as to why this exemption applies, please refer to Annex A below.

Please note that, when we refuse a request because the appropriate limit has been exceeded, it is our general policy to provide advice and assistance to the applicant to indicate how the request could be refined. In this case, we note that there is a substantial volume of publicly available information on the Brexit pages of the FCA’s website which will provide you with detail on our plans in relation to point 1 mentioned above, which you might wish to make use of.

If you are unhappy with the decision made in relation to your request, you have the right to request an internal review. If you wish to exercise this right you should contact us within 40 working days of the date of this response.

If you are not content with the outcome of the internal review, you also have a right of appeal to the Information Commissioner at: Information Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF. Telephone: 01625 545 700. Website: www.ico.org.uk

Yours sincerely

Information Disclosure Team

Annex A

• Section 12 (Costs of compliance exceeds appropriate limit)

The Act requires us to comply with a request, unless it would be too expensive to do so, as estimated in accordance with the Freedom of Information and Data Protection (Appropriate Limit and Fees) Regulations 2004 (“the Regulations”) made by the Ministry of Justice. The Regulations provide that, for the FCA, the cost limit is £450, i.e. 18 hours at the rate of £25 per person hour. The Regulations allow us to take into account, when estimating the cost of complying with a request, time spent determining whether we hold the information requested, locating and retrieving it and extracting the information from the relevant document(s).

As explained above the overall costs of Brexit work have been subject to scrutiny in multiple internal oversight Boards and governance Committees, as well as other regular and irregular meetings, accompanied by a substantial volume of correspondence over this time period. Therefore, to identify the data you require, we would need to check each meeting held and this exceeds the appropriate limit.

On that basis, we estimate that the cost of complying with your request would far exceed the £450 limit.

As our policy is not to divert our resources from our regulatory functions in order to meet requests under the Act in excess of the cost limit, we will not carry out an exercise to identify the information you have requested.

This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 12 Endeavour Square, Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 12 Endeavour Square, Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)