EBA and ESMA urge firms to communicate with customers regarding Brexit

The EBA has issued a press release that urges firms with customers that may be affected by Brexit to be more proactive in communicating with their customers about how they may be affected.  In particular customers should be told about any actions that firms have had to take as part of contingency planning that could affects the contractual or statutory rights of those customers.

The press release follows an Opinion published by the EBA earlier this year on Brexit preparations.

ESMA followed up the EBA announcement with its own similar release. It statement specifically notes that it is addressed to UK firms as well as those from the remaining EU 27.