Draft legislation to introduce five month transitional period for Brexit changes to the SECCI

In the last few days, HM Treasury published a new draft statutory instrument: the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019.

If it becomes law (which seems likely), Regulation 14 will delay the changes to the SECCI caused by Brexit (and set out in the  Consumer Credit (Amendment) (EU Exit) Regulations 2018) so that there is a five month transitional period after ‘exit day’.