We have published further information on how firms may be affected by Brexit by building on information we have already made available to firms. This will help firms to consider the implications for their business and their customers, and to plan accordingly.
We expect that, by now, firms have considered the issues that we have previously highlighted. We have updated our webpage on preparing your firm for Brexit[1] to follow up on some key areas:
- contract continuity – we remind firms which do business in the EEA under a passport that they need to consider how they will continue to service customers with existing contracts after Brexit
- execution of firms’ contingency plans – we remind firms that they should consider their clients’ best interests when executing their plans
- data sharing – we remind firms of the importance of considering whether they transfer personal data between the UK and EEA. We expect firms to consider what contingency plans may be necessary
- customer communications – we remind firms of the importance of considering what communications to customers will be necessary to explain how Brexit might affect them
Read more about how we are preparing for Brexit[2].