Financial services in the UK can currently trade across the European Economic Area (EEA) because member countries are bound by the same regulatory framework.
The arrangement, known as “passporting”, expires at the end of the year and, while the UK has legislated so that EU banks can continue to provide services for customers in Britain, the EU has not done the same.
Unless a trade deal is agreed with the EU, UK financial institutions will have to abide by often arcane rules which vary from country to country and depend on what services are being offered by what kind of bank.
According to the financial trade body UK Finance, banks are having to unpick the legislation of 30 different countries to work out if they can continue serving customers.
I wonder what effect this will have on buying and selling from amazon uk, ebay, all that stuff. Money transfers, SEPA payments, the list goes on and on.