Brexit

European Banking Authority

Brexit transition period - EBA calls on financial institutions to finalise preparations - 29 July 2020

The European Banking Authority (EBA) has published an announcement calling on UK and EU financial institutions to finalise their preparations for the end of the Brexit transition period on 31 December 2020 and to provide adequate information to their EU customers regarding the availability of services after the end of that period.

The EBA highlights several issues, including that:

• UK firms that intend to continue to provide services in the EU must fully establish their EU-based operations;
• UK-based account information service providers (AISPs) and payment initiation service providers (PISPs) will no longer be entitled to access customers’ payment accounts held at EU payment service providers and their eIDAS certificates under Article 34 of the Commission Delegated Regulation (EU) 2018/389 will be revoked; and
• EU-based customers with concerns about the implications of Brexit that have not yet been contacted by firms have the right to contact firms and their competent authorities directly. Firms should ensure adequate support and communication channels for these customers.

Press release: EBA calls on financial institutions to finalise preparations for the end of the Brexit transition period