Emma RadmoreEBA has reminded firms that, from the end of the transition period, UK firms can no longer provide services to EU customers on a passporting basis. It notes that:
- UK financial institutions offering services to EU customers should (a) ensure they have any necessary authorisations before the end of the transition and (b) give customers in the EU adequate information about service provision. It notes in particular the need to sufficient management capacity to be in place in the EU and that firms must have clearly articulated and appropriate booking arrangements to meet outsourcing requirements;
- eIDAS certificates issued to UK-based AISPs and PISPs should be revoked because the providers will no longer be authorised in a Member State; and
- PSPs should include additional details on the payer and payee when funds are transferred between the EU and UK.
