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17 December 2018

EBA calls for more action by financial institutions in their Brexit-related communication to customers

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As a follow up to its June 2018 Opinion on financial institutions' preparedness for the UK withdrawal from the EU, the EBA reminds affected financial institutions to maintain their efforts in effective contingency planning and to increase their efforts in communicating to customers.

The EBA urges such institutions to take its Opinion into careful consideration and to swiftly proceed with advising customers on the specific implications stemming from the UK withdrawal from the EU.

In its follow-up monitoring of the June 2018 Opinion, the EBA has observed continued progress in contingency planning but little evidence of financial institutions communicating effectively to their customers on how they may be affected by the UK withdrawal and on any relevant actions undertaken by such institutions as part of their contingency planning that may affect those customers' contractual or statutory rights.

The EBA is therefore calling on all financial institutions affected by the UK withdrawal from the EU, directly or indirectly, to take the EBA June Opinion into careful consideration, and on that basis to engage with their customers and provide adequate information on the risks and mitigating measures being taken, and do so as soon as possible providing the customers at least with the information specified in the EBA June 2018 Opinion.

The EBA also notes that, should the customers that have concerns about whether they may be impacted by the UK withdrawal from the EU and that have not been contacted by their financial service provides by the end of 2018, they might wish to contact their financial institutions directly.

Press release



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