Financial services after Brexit (banking and regulation)

The UK left the European Union on 31 January 2020. This process is often known as 'Brexit'.

The UK Government and the EU have now agreed a deal on their future relationship. From 1 January 2021 this new relationship with the EU will begin.

There will be effects on some areas of life in Scotland. This includes changes to financial services.

Regulators are putting plans in place to make sure UK financial services continue working, no matter what happens after Brexit.

The Financial Conduct Authority (FCA) has more information on how Brexit might affect financial services for you as a business, citizen or consumer.

Passporting to end

Passporting within the EU for the financial services sector will end on 31 December 2020. 'Passporting' let the financial services sell their services freely within the EU.

From 1 January 2021, it will be replaced by partial 'equivalence'. This will still let them carry out some commercial activities in the EU but only where the EU has agreed that the relevant financial regulation (laws and supervisory frameworks) matches EU standards. The decision to award equivalence is temporary and can be withdrawn.

More information

More details on financial services after Brexit will be added to this page as new information is available.

Meanwhile, GOV.UK has guidance on how banking, insurance and other financial services will be affected from 1 January 2021.