The Bank of England has written to U.K. financial services firms that conduct activities in the EU — including U.S. investment banks with a London subsidiary — asking them to submit a snapshot of their plans for Brexit by mid-July.

In a letter today, Sam Woods, chief executive of the Prudential Regulation Authority said the Bank expected “all firms with cross-border activities between the U.K. and the rest of the EU to undertake appropriate contingency planning” for Brexit.

He noted that many were already “well advanced” in their planning but added the regulator’s assessment was that the level of planning across the City was “uneven”.

As a result, the PRA has asked those firms on its watch - including banks, building societies, credit unions, insurers and large investment firms — to submit a short summary of their plans, which will be used as part of the BoE’s own contingency plans, by July 14.

Wood said: “The main purpose of this letter is to ensure that all firms are making, and stand ready to execute in good time should the need arise, contingency plans for the full range of possible scenarios such that the safety and soundness of their U.K. operation is assured and the risk of any adverse financial stability impacts on the U.K. economy is mitigated.”

The letter accompanied a speech given this morning by Mark Carney in which the Bank of England Governor touted London’s strengths and its position as a global financial centre.

Addressing an audience at Thomson Reuters in Canary Wharf, he spoke of the “decade of hard fought financial reform” that followed the financial crisis and said that “there should be no bonfire of financial regulation”.

Carney outlined two scenarios for the global financial system: one where a more effective, resilient system is built; and another other where countries turn inwards, fragmenting liquidity and impeding cross-border investment. “The outcome of the Brexit negotiations could prove highly influential in determining which path the global financial system takes,” Carney said.

He added that the BoE will work first to protect the U.K. real economy, but warned that banks and regulators “must prepare for any potential scenario” as the country prepares to exit the EU.

This report first appeared on Financial News

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