Banking, insurance and other financial services if there’s no Brexit deal: information for people living in the EEA
Updated 15 February 2019
This guidance is for people or businesses that have a financial services product, for example:
- a bank account, debit or credit card
- a product that provides an income in your retirement, such as a personal pension or annuity
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 (may also apply to new exit date on 31 December 2020). 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, Norway, Liechtenstein or Iceland 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. Your firm should contact you if it needs to make any changes to your product or the way it provides it. However, if you have any concerns about whether you might be affected, you should contact your firm.
Have any other financial services product from a UK-based firm, for example a current account or credit card
Many firms that offer these products are planning to continue providing them after the UK leaves the EU. However, if your firm needs to make any changes to your product or the way it provides it, your firm should contact you.
3. Financial advice
Before making any significant financial decisions, you may want to seek impartial information or advice. You can get free and impartial information from the Pensions Advisory Service or the Money Advice Service. You could also use a financial adviser if you want advice. The Financial Conduct Authority has some information about finding a financial adviser. You’ll usually have to pay for their services.
4. Staying safe from scams
During this period of change there may be a greater risk of scams. Find out more about financial fraud and scams, and how to protect yourself.