Brexit update

21-12-2020

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 United Kingdom has left the European Union. As a result the bank’s licence to provide financial services into the UK is changing. The UK regulators (the Prudential Regulation Authority and Financial Conduct Authority) have granted the bank a temporary licence to carry out its UK regulated activities. For your information, our bank has applied for a permanent UK licence. Whilst the bank has this temporary licence, certain rules apply to UK clients in addition to the rules that apply in the Netherlands. These terms explain how those rules apply.

Who do these terms apply to and what other terms apply?

All the normal terms and conditions that apply to your relationship with the bank will continue to apply as usual. These terms apply to you if you are a UK client. By this we mean an individual who is resident in the UK or who was resident in the UK at the time of entering into or receiving financial services from the bank. These terms only apply to clients of the parts of the bank that are not in the UK. The bank also has a branch in the UK that provides services to corporate clients only. The rules in relation to clients of the bank’s UK branch are different and do not apply to you.

Do the services for UK clients fall within the investor compensation and deposit guarantee scheme?

The Dutch investor compensation scheme and deposit guarantee scheme will continue to apply however subject to their usual eligibility criteria and conditions. The UK Financial Services Compensation Scheme (UK FSCS) provides compensation in relation to deposits held by banks in the UK and certain other investment services provided by banks and financial institutions. Whilst the bank has a temporary permission, the UK FSCS does not cover the services that the bank provides from outside of the UK.

How are client assets treated if the bank is insolvent?

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.

Complaints procedure

In addition to being able to submit your complaints to the Netherlands Financial Services Complaints Tribunal (Kifid), as 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.

More information

Look for more information on www.abnamro.nl/aboutbrexit.

 
Yours sincerely,
 
ABN AMRO Bank

Authorised and regulated by De Nederlandsche Bank. Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.