Banking & Payments Federation Ireland (BPFI) has today advised Ireland-based customers of UK-based banks to ensure that they have contact with their bank about the status of their banking services in the event of a no-deal Brexit. If customers have not already heard from their bank, they should contact the bank directly as soon as possible.
For customers of UK-based banks, BPFI continues to highlight that in the event of a no-deal Brexit on 31st October, some Ireland-based and other EU-based customers of UK banks could experience disruption to their banking service; or potentially could see that service withdrawn. This could arise as a result of differing legislative and/or regulatory provisions applying in the UK and elsewhere in the EU. The type of consumer banking service that could be impacted for customers of UK-based banks could include a savings or other bank account, a credit card, a loan or a mortgage.
At the same time, BPFI advises that its member banks are very well advanced in the implementation of their Brexit contingency plans. Also, they have variously engaged with their customers – including SME customers in particular – to encourage and assist them in their preparations for Brexit; and have introduced various initiatives to support business operations. BPFI’s Frequently Asked Questions (FAQ) relating to banking products and services provided by Ireland-based banks is proving very popular with consumers – see https://bpfi.ie/key-topics/brexit-questions-banking-answered/
BPFI’s CEO, Brian Hayes, states:
“Much uncertainty remains around Brexit as to what exactly will happen next. Customers here of UK-based banks should be able to remove some of the uncertainty around their future banking services by contacting their bank. Our strong advice to those customers is: if you have not already heard from your UK bank, make contact as soon as possible and get clear answers to any questions you have about the banking services you currently use.”
For further information contact Jillian Heffernan, Head of Communications, BPFI, 087 9016880 or firstname.lastname@example.org
About BPFI: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.