Brexit Update

3 February 2020

After more than three years following the referendum in 2016, the United Kingdom (UK) officially left the European Union (EU) at 11 pm on 31 January 2020.

The Withdrawal Agreement was ratified by the UK and the EU and entered into force on 1 February 2020. As the UK enters an eleven months transitional period until 31 December 2020, the UK remains in the customs union and single market until the end of 2020, with an option to stay within these arrangements for a further two years.

During the transitional period, the UK government and the EU will start discussions on their future relationship arrangements. The Political Declaration, which forms part of the Withdrawal Agreement, provides for a June summit for assessing the progress of the negotiations. By 1 July 2020 the UK must decide whether an extension beyond December 2020 will be requested.

Providing services to EEA clients post Brexit

Walker Crips Investment Management Limited (WCIM) will continue to provide services and activities to its existing clients based in the European Economic Area (EEA) during the transitional period.

During this period, there will also not be any change to the protections and rights associated with financial products and/or services our existing clients hold.

Information about existing protections, eligibility and rights to access the Financial Services Compensation Scheme (FSCS) and Financial Ombudsman Services (FOS) is available in the Terms of Service and Business on our website.