UK businesses have been urged to review their Brexit plans by the Financial Reporting Council (FRC). The FRC has written to finance directors and audit committee chairs setting out the measures firms should consider.
The letter, written by the FRC’s Chief Executive Stephen Haddrill, sets out five areas businesses should review. As outlined by the FRC, top priority for firms is to ask their employees if they need to apply to the EU Settlement Scheme in order to ensure they can continue to live and work in the UK in the event of a no-deal Brexit.
The FRC also recommends that businesses check whether they will face additional legal, regulatory and/or administrative barriers as a result of a no-deal Brexit.
Aslo, the council advises firms to check information with their local chambers of commerce, as well as the government’s recently launched Brexit readiness events. These provide advice on area including importing and exporting and employing EU citizens.
Quote from Nigel Holland:
“It is important we take this advice and incorporate it in our businesses. Every piece of advise given to businesses in regards to Brexit preparations is well received by all.”