Financial Services and Insurance


  • Few references to financial services are made in the Trade and Co-operation Agreement between the EU and UK.
  • An equivalence decision has not yet been established
    • Unilateral equivalence would give UK financial service providers access to the EU’s single market. Without equivalence providers must seek permissions from each individual EU member state.
    • Talks on an equivalence decision will continue, with the end of March as a deadline to establish structured regulatory cooperation on financial services.
  • Central Counterparties (CCPs) and Central Securities Depositories (CDSs) – are temporary equivalence decisions allowing EU firms to continue accessing UK infrastructure in the absence of sufficiently developed EU alternatives.
  • The Derivatives Trading Obligations (DTO) and Share Trading Obligation (STO) (both MiFID) are yet to be issued equivalence decisions from the EU.
  • The UK announced on the DTO to provide 3 months of temporary and limited relief for firms, subject to conflicting EU/UK DTO requirements.

SEPA: Latest News

Some European banks are not applying SEPA rules for incoming transactions from UK banks and have increased the cost of sending  payments to and from the UK – even though the EPC made the decision for the UK’s to remain a member of SEPA.


“Single Euro Payments Area”  

  • SEPA helps to facilitate cross-border euro payments through a single set of payment schemes and standards. 
  • SEPA co-ordinates cashless payments made throughout Europe in Euros.  
  • This enables European consumers, businesses and public administrations to simply make and receive transactions including: 
    • Card payments, Credit transfers and direct debit payments.

Where does SEPA apply?  

      • In all EU member states.  
      • All payments made in euros in other European countries including Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino and Vatican City State. 

European banks must apply equal charges to both national and cross-border electronically processed payments in euros, including: 

  • Credit transfers 
  • Direct debits 
  • Cash withdrawals from dispensers or ATMs  
  • Payments made by debit or credit cards, 
  • Money remittance 
  • The UK will remain a member of SEPA after the end of the transition period.
  • After January 1 2020, more information, such as payers’ addresses will be required to process payments between the EU and UK.
  • Some European banks are not applying SEPA rules for incoming transactions from UK banks and have increased the cost of sending payments to and from the UK, even though the UK remain a member of SEPA.  
  • EU contractors, consumers and smaller businesses may face disruptions in receiving or processing payments from British banks.

The information provided on these pages does not constitute legal advice and is subject to change in line with government rules and laws.  While Britcham will endeavour to keep the information on these pages as current as possible, we advise you to seek expert independent legal advice an any matters relevant to your situation