In view of the United Kingdom's withdrawal from the European Union, the Bank of Italy has called on British financial institutions operating in Italy to inform their Italian clients about the measures adopted and the consequences for existing contractual relations, underlining the need to ensure full compliance with contractual obligations and the provisions governing their activities in Italy.
The communication - sent to banks, payment institutions and e-money institutions authorized to provide their products and services according to procedures under European law - gives clear indications as to which information has to be provided promptly to all customers to ensure an orderly, transparent and correct management of existing relationships following 'Brexit'.
Communications must be written in clear and plain language and include the contact details for customers requiring clarification and assistance, and the same information must be published on banks' websites.
If significant effects on contract continuity or on customers' rights are expected, financial institutions must promptly inform the Bank of Italy, using the dedicated email addresses.
