© Crown copyright 2019
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: email@example.com.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/publications/banking-insurance-and-other-financial-services-if-theres-no-brexit-deal/banking-insurance-and-other-financial-services-if-theres-no-brexit-deal-information-for-financial-services-institutions
This information is for financial services institutions.
We expect the majority of people will see limited, or no, difference after the UK leaves the European Union (EU), and will be able to use and rely on their bank accounts, insurance, personal pensions or annuities, and other services whether they are provided by a firm based in the UK, Europe or elsewhere in the world.
This is because the government and the regulators have taken steps to ensure that wherever practicable the same rules will apply to financial services in the UK after the UK has left the EU, and to enable financial services firms based in the EU, Norway, Liechtenstein and Iceland to continue providing services in the UK for a minimum of three years after EU Exit, with some small changes to reflect the UK’s new position outside the EU.
1. If you are a financial services institution…
Based in the UK providing services to customers in the EU, Norway, Liechtenstein or Iceland
You will need to take steps to ensure you can continue operations after the UK withdraws from the EU.
Based in the EU, Norway, Liechtenstein or Iceland providing services to UK customers
You will also need to take action in order to continue to provide services to consumers.
To find out how you will need to adjust, you should take legal advice and discuss your position with the regulator in the country where you wish to continue operating. The FCA have published information for financial services firms preparing for Brexit, including information on the temporary permissions regime for financial services institutions based in the EU, Norway, Liechtenstein or Iceland.