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Banking, insurance and other financial services if there’s no Brexit deal
Super helpful member
Information about financial services such as banking and insurance for UK residents, businesses based in the UK, EEA residents, and financial services institutions. [You may have to pay a bit more ...]
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UK Govt advice: 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 (the EEA) 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.
For UK citizens living in the EU,
Norway, Liechtenstein or Iceland, many UK financial services firms are
taking steps to ensure they will continue to be able to serve their
customers after the UK leaves the EU but, if you fit into any of the categories below, you may be affected by the UK leaving the EU on 29 March 2019. Your financial services provider will be able to tell you how the UK’s exit from the EU will affect you.
1. Regardless of where you live, if you…
Want to send or pay in Euros electronically?You will still be able to do so, although the cost and time for Euro payments and transfers may increase.
Have a UK bank account and want to use your card to pay merchants in the EEA?This is unlikely to change as a result of leaving the EU; however, it may become more expensive. This is also true if you have a bank account with a provider based in the EU, Norway, Liechtenstein or Iceland and want to use your bank card in the UK.
2. If you live in the EU and you…
Have insurance or a personal pension or annuity with a UK-based firm?Your firm should have made plans to make sure you can still get your insurance or personal pension or annuity, even if the UK leaves the EU
without a deal.
Many firms that offer these products are planning to continue providing them after the UK leaves the EU.
