Passporting has ended
Passporting within the EU for the UK financial services sector has ended.
'Passporting' enabled financial service providers that were authorised in any EU state to trade freely in any other EU state with minimal additional authorisation.
From 1 January 2021 passporting was replaced by partial 'equivalence' measures.
These measures allow the financial services industry to 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The decision to award equivalence is temporary and can be withdrawn.
The UK and the EU are currently in talks to agree further ways to cooperate on financial services regulation.
These discussions are expected to conclude by the end of March 2021.
The Financial Conduct Authority (FCA) has more information on Brexit and financial services for you as a business, citizen or consumer.
GOV.UK also has guidance on how banking, insurance and other financial services will be affected from 1 January 2021.
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