The government has published a series of technical notes addressing the implications of a ‘no deal’ Brexit where the UK leaves the EU without an agreement or transitional period. Among the series is guidance titled ‘Banking, insurance and other financial services if there’s no Brexit deal’. The guidance covers the following areas of interest:
- implications for individuals and business customers;
- individual and business customers - UK-based customers of UK based providers;
- individual and business customers - UK-based customers of EEA firms operating in the UK;
- individual and business customers - EEA customers (including UK citizens living abroad) of UK firms operating in the EEA;
- financial services firms and funds; and
- financial Market Infrastructure.
In addition, the Treasury indicates that the government will publish a separate technical note on transfers of personal data between the UK and the EU in an event of a ‘no-deal’.