These considerations are particularly important if you are using UK FS services to fund and support EU operations.
The end of the post-Brexit transition period on 31 December 2020 will result in banking, insurance and financial services providers facing restricted access to the EU. Financial services are a vital component of all businesses’ supply chain. Both financial institutions and corporates need to understand what the end of the transition period means for how they access financial services in the UK and the EU, and if necessary, take action to avoid disruption.
The guidance on this page represents the information currently available from government. The CBI will update this page as new information is released.
Key challenges for business
How will UK financial services firms access the EU post-Brexit?
UK financial services firms will no longer be able to provide the full range of regulated activities from the UK into the EU after the transition period ends. In order to continue providing these services, UK financial services firms will have to modify their business models: they may move certain operations to existing presences within the EU; they may establish a branch or a subsidiary within the EU or they may rely on the individual European member states’ regimes to mitigate the impacts on their European customers.
How will EU financial services firms access the UK?
The UK has established the Temporary Permissions Regime (TPR) to enable EEA firms which currently operate within the UK (using the EEA passport) to continue to do so for a temporary period. This means that UK firms who use the services of EEA-based FS firms should have temporary cover.