On December 8, the European Banking Authority (EBA) published a statement informing customers of UK financial institutions regarding practical and contractual arrangements following the end of the Brexit transition period (the Statement).
The key areas addressed in the Statement by the EBA include:
- providing advice for UK financial institutions that plan to continue offering their services in the European Union and providing advice for those that plan to cease their services;
- alerting EU-based payment service providers of the additional information required from the payer when processing cross-border payments and direct debits from the European Union to the United Kingdom;
- advising EU consumers with existing UK bank accounts of the relevant UK legal requirements to ensure continuous access to their accounts; and
- encouraging all financial institutions to inform their consumers of the impact of Brexit in a timely manner.
The Statement is available here.