The Brexit engines at HM Treasury, the FCA, PRA and Bank of England are responding admirably to the challenge posed by Brexit to ensure that the UK has a continuing, robust and effective legal regime once the currently applicable body of EU laws no longer automatically form part of domestic legislation. Although we continue to hope that agreement is reached on the future relationship between the EU and UK, the authorities must prepare for a “hard Brexit”, that is a Brexit in which there is no implementation or transitional period agreed and no equivalence.