EU watchdog tells UK banks to get ready for full Brexit
By Huw Jones
July 29, 2020, Global Investor Group
Banks using Britain as a gateway to the European Union must fully execute their plans for serving EU customers before a Brexit transition period ends in December, the EU’s banking watchdog said on Wednesday.
Britain left the EU in January, but financial firms have unfettered access the bloc under transition arrangements that end on Dec. 31. There is no mechanism for direct EU access in deposits or loans from January.
