The United Kingdom (UK) left the EU on 31 January 2020. After the end of the transition period on 1 January 2021, EU laws will sno longer apply in the UK and this will change how consumers in the EU can obtain financial services from UK financial institutions.
The EBA explains the impact that the end of the transition period will have on consumers across the EU by clarifying:
- the level of preparedness required from UK financial institutions,
- the changes that EU-based payment service providers will need to make when facilitating cross-border payments to the UK,
- the access to accounts and deposits held in the UK, as well as how to obtain more information.