Post Brexit UK bank current account closures for customers living in the EU

Regulatory Updates | 14/10/20

The Financial Conduct Authority (FCA) has stated that not all firms are informing customers that their current accounts will be closed once the transition period with the EU ends on 31 December 2020. The statement follows a Treasury Committee’s request for the FCA to set out how much notice firms should provide if they decide to close customers’ accounts post transition period, with the FCA also noting that it wrote to banks in early October 2020 on the importance of being prepared for the end of the transition period.