Brexit

What you need to know

 

ABN AMRO is well prepared to support you as a customer now that the UK is leaving the EU, despite continuing uncertainty about regulation and the political climate after Brexit. Read all about our involvement and the solutions we develop for you here.

The transition period

The UK left the European Union on 31 January 2020 and entered into the transition period to allow time for the UK and the EU to agree their future relationship. During the transition period the UK remained in both the EU customs union and the single market and passporting rights for European Economic Area (EEA) financial services firms continued.

The transition period will end at 11pm GMT on 31 December 2020.

What happens when the transition period ends?

During the transition period, the UK government has been negotiating with the EU to determine a free trade deal. This will be essential if the UK wants to be able to continue to trade with the EU with no tariffs, quotas or other barriers after the transition period ends.

For financial services, passporting rights will cease at the end of the transition period. Those EEA firms currently operating in the UK under a passport will require a Part 4A Permission under the Financial Services and Markets Act 2000 (FSMA) to continue to carry out regulated activities in the UK.

ABN AMRO Bank N.V. (ABN AMRO Bank) has applied for the Part 4A Permission and expects to have the application approved in due course. At the end of the transition period, ABN AMRO Bank will enter into the UK’s Temporary Permissions Regime (TPR). The TPR allows EEA firms that wish to continue to operate in the UK to do so until their Part 4A Permission is granted by the UK Regulators.

Both the TPR and the Part 4A Permission will cover all activities that ABN AMRO Bank was permitted to carry on in the UK under the passporting regime before the end of the transition period.

What this means for you

Generally, there will be no change to the services and products available to you during the TPR period whilst the application process for ABN AMRO Bank’s Part 4A Permission is concluded.

For those clients who undertake SEPA payments through ABN AMRO Bank, please refer to the link below for further information:

https://www.abnamro.nl/en/personal/themes/brexit/index.html

For those clients who access investment funds through ABN AMRO Bank, please refer to the following link for information regarding shares which are dual listed on both UK and EU exchanges:

https://www.abnamro.nl/en/personal/themes/brexit/brexit-and-investments.html

If you are a UK client you may be able to submit your complaints to the UK Financial Ombudsman Service (UK FOS). This is a free, independent and impartial service for resolving disputes but you will need to be eligible to use their services. For more information about the UK FOS, including eligibility criteria, you can contact them in the following ways:

Any failure of the bank will be administered under the jurisdiction of the Netherlands. Under Dutch law, any client money or safe custody assets belonging to you will potentially be treated differently to money or assets belonging to other customers of the bank in the event of its failure.

If you have any questions, please contact us through your normal channels.

Yours sincerely,
 

ABN AMRO Bank