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On 31 January 2020, the United Kingdom (UK) left the European Union (EU) under the withdrawal agreement that was reached. This means a no-deal Brexit was avoided on that date, and a transitional period has commenced that will last until the end of 2020. During this period, the UK will remain subject to EU law in almost all areas, including financial passporting rights that apply in the internal market. The EU and the UK will conduct negotiations on their future relationship, which should come into effect on 1 January 2021. It is currently unclear whether such an agreement can be reached in time, and if so, what this agreement will look like. 

Most frequently asked questions

The Q&As below address possible questions from consumers and financial institutions and also discuss how we are preparing for Brexit.