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Brexit Update

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News - 16 December 2020

The UK formally left the EU on 31 January 2020 and is currently in the agreed transition period. During the transition period the UK remains bound by the EU’s rules and it is still part of the customs union and single market.

Brexit – what it means for the services provided by ABN AMRO Asset Based Finance

The UK formally left the EU on 31 January 2020 and is currently in the agreed transition period. During the transition period the UK remains bound by the EU’s rules and it is still part of the customs union and single market.

The transition period will end on 31 December 2020 and there will be two possible outcomes - either an agreed UK/EU trade deal will come into force or the UK will leave without a deal.

Regardless of the result of the negotiations ABN AMRO Asset Based Finance is well prepared to continue serving its clients following the end of the transition period. As you may be aware, ABN AMRO Asset Based Finance currently has an EEA passport for its activities in the UK. However, its activities are not actually regulated in the UK and therefore we are allowing our passport to lapse at the end of the transition period. Whether or not a trade deal is agreed ABN AMRO Asset Based Finance will be able to continue to offer all of its current products and services to new and existing clients incorporated in the UK. Through our Northern European presence ABN AMRO Asset Based Finance will continue to be able to service new and existing clients located in the EU.

What changes will you see?

As a result of our current EEA passport, there is certain wording that we include on our letters, websites and other communications relating to regulation by the FCA. After the end of the transition period, we will no longer be regulated by the FCA and so that wording will be removed from our communications.

We will remain a member of UK Finance and a signatory of the IFABL Code. We continue to be a subsidiary of ABN AMRO Bank N.V., which is regulated and supervised on a consolidated basis by the Dutch Central Bank and European Central Bank.

Complaints and the Financial Ombudsman Service

A number of our smaller clients are currently eligible to bring complaints to the Financial Ombudsman Service. It will not be possible to bring any new complaints to the FOS in relation to matters that occur after the end of the transition period. Complaints relating to matters that occurred prior to then can still be brought within the usual FOS time limits.

For more information about the FOS, please see https://www.financial-ombudsman.org.uk/

What do you need to do?

There is no need for you to take any action with regards to your facility with ABN AMRO Asset Based Finance either before or after the end of the transition period.

If you have any questions please contact us through your normal channels.