Guidance

Banking, insurance and other financial services if there’s no Brexit deal: information for people living in the EEA

Updated 29 October 2019

This guidance was withdrawn on 10 February 2020

This page has been withdrawn as it is out of date

1. Stay up to date

The UK is leaving the EU. This page tells you how to prepare for Brexit and will be updated if anything changes.

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This guidance is for people or businesses that have a financial services product, for example:

• a bank account, debit or credit card or loan, such as a mortgage
• insurance
• 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.

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. Some EU countries have also announced that they are also taking steps to ensure that UK financial services firms will be able to serve their existing 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 without a deal. Your financial services provider will be able to tell you how the UK’s exit from the EU will affect you.

2. Sending or paying in Euros electronically

You will still be able to do so, although the cost and time for Euro payments and transfers may increase depending on arrangements made by individual providers. This is also true if you want to receive or be paid in Euros electronically.

3. Using your UK credit or debit card to pay merchants in the EEA

It will still be possible to use a credit or debit card issued by a UK issuer to pay merchants in the EEA, although it may become more expensive and a surcharge may apply. This is also true if you have a credit or debit card issued by an issuer based in the EU, Norway, Liechtenstein or Iceland and want to use it in the UK. Merchants in the UK will continue to be banned from applying surcharges to payments made by a consumer credit or debit card issued by an issuer based in the UK.

4. Insurance, personal pensions or annuities with UK-based firms

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.

5. Other financial services products from UK-based firms

Many firms that offer financial services products, for example current accounts, credit cards or mortgages, 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.

6. Banking with an EEA branch of a UK-based firm

Your Financial Services Compensation Scheme (FSCS) deposit protection will cease, but your deposits may instead be protected by an EEA deposit protection scheme. If you have any concerns about your protections, you should contact your firm for clarification.

7. 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’ll usually have to pay for their services.

8. Staying safe from scams

During this period of change there may be a greater risk of scams. You can find out more about financial fraud and scams, and how to protect yourself, with the Home Office and UK Finance’s Take Five campaign.

9. Further information

• information on Brexit for consumers from the Financial Conduct Authority
• information on Brexit from the Financial Services Compensation Scheme
• advice on staying safe from scams from the Home Office and UK Finance ‘Take Five’ Campaign