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Brexit: European Banking Authority Calls for More Communication with Clients
12/17/2018The European Banking Authority has published a press release calling for firms to take more action in their Brexit-related communications with customers. The U.K. will depart the EU without a transitional period on March 30, 2019 if the withdrawal agreement is not ratified by that time. In June 2018, the EBA issued an Opinion that stressed the need for firms to consider their obligations to existing and prospective customers. It set out a list of minimum information that national regulators should ensure firms send to customers whose contracts or services might be affected by the end of the year. In its press release, the EBA urges firms to consider the June 2018 Opinion and to communicate to customers the risks and effects that a no-deal Brexit may have on a customer's contract with the firm.
View the press release.
View details of the EBA's June 2018 Opinion.
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