Consumer information

The Government’s information page on a no-deal Brexit specifically addresses financial services and the impact on these services if the exit is without a deal.

In addition to the information provided on the government information page, the FSA wants to make the following information available to consumers in the financial market:

The FSA encourages consumers trading with financial undertakings in the UK to contact their service providers to confirm their legal status and request information on whether a no-deal Brexit will affect their business relationship.

British insurance companies have, for instance, provided insurance services in Iceland through domestic insurance brokers for many years. It is, as stated above, important that customers of UK undertakings contact their service providers to confirm their legal status, including the applicability of insurance contracts. In February 2019 the European Insurance and Pension Funds Authority (EIOPA) issued Recommendations for the insurance sector in light of the UK’s withdrawal the EU. The objective of the Recommendations is to ensure convergence and consistent supervisory approaches in the treatment of UK insurance companies and distributors. The FSA will follow the above EIOPA Recommendations concerning possible issues that may arise from the UK’s withdrawal from the EU.

The FSA will monitor the progress of issues related to the envisaged UK exit from the EU and will publish further information as soon as possible. In addition, the FSA will assist to the best of its abilities and advises consumers who have questions regarding the matter to send inquiries to fme@fme.is.

The FSA is not able to provide information on individual business relationships but can provide general information and advice.

The British Government has launched an information page concerning the UK leaving the EU. It includes instructions for customers of banks, insurance companies and other EEA financial companies should the UK leave without a deal.

The UK’s Financial Conduct Authority (FCA) has also released information intended for consumers.

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