The UK’s exit from the European Union (EU) on 31st December 2020 entails certain changes to the ‘passporting’ arrangements that allowed UK banks to provide financial services to customers resident in the EU.
These changes mean we may be unable to offer new lending to customers who are resident in the EU and are, in some cases, unable to continue providing any banking services. We have contacted all C. Hoare & Co. customers directly affected by the changes to explain the impact of the new regulation. Otherwise, customers living in the EU may continue with their current banking arrangements, with new services provided ‘on a reactive basis only’ (i.e. if specifically requested by the customer). Any requests for banking facilities from new customers resident in the EU will be subject to the same restrictions.
If there are any further changes to UK banking regulation as a result of Brexit, please be assured that the bank will advise all affected customers in good time.