Communication addressed to UK intermediaries ahead of the end of the transition period

The Bank of Italy has published a communication recalling the effects of the end of the transition period provided for in the Withdrawal Agreement on 31 December 2020 and asking UK banking and financial intermediaries operating in Italy to provide customers with the appropriate information on the most sensitive aspects: (a) procedures and contact details for assistance, reports or complaints; (b) an alternative dispute resolution system; and (c) the applicable deposit protection regime. UK intermediaries are also invited to complete, in an orderly manner, their Brexit-related plans, to limit the adverse effects of interrupting services for their customers and, in any case, to allow them to exercise their rights as regards the continuation, transfer or termination of existing contracts.