April 12, 2018 / 9:47 AM / 3 months ago

EU regulators tell financial firms to prepare for Brexit

LONDON, April 12 (Reuters) - European Union regulators urged banks, investors and customers on Thursday to take “timely action” to avoid disruption to cross-border financial contracts and insurance policies.

Britain leaves the bloc in March 2019 and a “standstill” transition deal until the end of 2020 agreed last month has yet to be formally ratified.

“Contingency planning should consider timely responses to all potential challenges, such as contract continuity and possible relocations,” a joint report from the EU’s banking, insurance and markets watchdogs said.

Reporting by Huw Jones Editing by Alison Williams

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