European Banking Authority publishes Communication on preparation for Brexit

The European Banking Authority (EBA) has published a Communication on the remaining issues for financial institutions ahead of the UK’s departure from the EU.

In its Communication the EBA urges continued progress on contingency planning. Notably, to ensure that assets, appropriate staff and data are in place to support relevant authorisations and that customers are adequately informed.

The EBA also notes that whilst significant progress has been made in the implementation of contingency plans for the event that the UK withdraws from the EU without a ratified withdrawal agreement on 1 November 2019, financial entities and competent authorities must guard against complacency in their preparations.

Rachael Preston

Rachael Preston