On 31 December 2020, UK Finance published an FAQ on Brexit for customers who have unsecured loans, credit cards or current accounts. You can view the press release by clicking here.
The FAQ provides a number of answers to common Brexit questions raised by customers. These include:
– if Brexit will impact a customer’s ability to open a current account or get credit under an unsecured loan or a credit card;
– if money in a savings or current account will continue to be protected by the Financial Services Compensation Scheme;
– if customers can still use their debit or credit cards in the EU; and
– if payments could still fall under the chargeback rules or (if applicable) Section 75 of the Consumer Credit Act 1974.