What it means for you
What does this mean for you?
What this means for you?
There are no immediate changes to your everyday banking services while the UK remains a member of the EU. We are closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today.
What this means for your business?
Regardless of the outcomes of the Brexit negotiations, we are committed to helping you and your business succeed. With our expert knowledge, we’re here to support you with the opportunities and challenges that Brexit could potentially bring to your business.
How are we planning for Brexit?
We’re involved in a number of consultations with key UK bodies to help us keep abreast of the latest developments for the Financial Services sector, post Brexit, and will regularly review our plans to ensure we are Brexit ready. These bodies include UK Government, Bank of England, UK Finance, Her Majesty's Treasury and our regulators the PRA (Prudential Regulation Authority) and FCA (Financial Conduct Authority).
Key dates at a glance
- 18-19 October 2018: EU Council summit, discussion on Withdrawal Agreement plus framework for future relations.
- November 2018: EU Council summit. Likely extraordinary EU Council summit.
- 13 December 2018: EU Council summit. Next scheduled summit.
- December 2018 - March 2019: parliamentary ratification period.
- March 2019: Final EU Council summit.
- Before 29 March 2019: UK Parliament passes an Implementation Bill.
- 29 March 2019: UK leaves EU at 11pm UK time and if agreed a transition period commences where the UK remains subject to EU rules until the end of 2020.
- 23-26 May 2019: Elections for the European Parliament. 27 EU countries (the UK will no longer be represented in the Parliament).
- 31 December 2020 – End of proposed transition period (if agreed).
What does Brexit mean?
“Brexit” is the short-hand term being used to describe the UK’s exit from the European Union (EU).
The UK voted to leave the EU following a referendum in June 2016. In March 2017, the UK Government started the process of leaving the EU by triggering Article 50 of the Treaty on European Union. The UK is expected to remain a member of the EU until 29 March 2019.
There should no immediate impact on your everyday banking services.
What is Article 50?
Article 50 of the Treaty on European Union is a provision in law which sets out how a Member State can leave the EU.
What happens next?
The UK Government is in a period of negotiation where it will agree its future relationship with the EU. We will continue to monitor the situation, assess how the final agreement will affect you and your business and keep you updated on how we can help you through any changes this will bring.
What is the transition period?
If the UK and the EU are successful in negotiating a Withdrawal Agreement, then it’s likely to include a period of time, a transition period, between 29 March, 2019 and 31 December, 2020. This will allow businesses and others to prepare for the moment when the new post-Brexit rules between the UK and the EU begin.
In March 2018, the European Council announced that a political deal on a transition period had been agreed ahead of the UK’s withdrawal from the EU. And at the end of April 2018, the European Central Bank indicated that passporting rights would remain in place for UK firms during the proposed transition period.
However, until this transition period agreement becomes a legal agreement, we will continue to prepare for the potential loss of passporting rights and access to the EU Single Market on 29 March 2019 (the date the UK is set to leave the EU in the absence of a finalised transition arrangement).
Is my money safe?
Yes. Your money is safe and will continue to be protected by the Financial Services Compensation Scheme. More information is available at https://protected.fscs.org.uk/money-protection-checker/
Will I still be able to use ATMs in EU countries?
Yes. It will still be easy to use your bank card in ATMs across Europe, in much the same way as you can use it today when you go on holiday to non-EU countries, such as America or Australia. And of course you can continue to access your bank account through the mobile app to conduct your everyday banking needs.
Will the way you support my business change?
We have extensive experience in helping our business customers trade globally, with innovative trade and working capital solutions. We will keep this constantly under review to ensure these solutions will meet your needs in the post Brexit period.
Can I still make and receive payments from EU countries?
Yes. There should be no immediate changes to how you make and receive payments to EU countries. And of course you can continue to access your bank account through the mobile app to conduct your everyday banking needs.