Brexit

What it means for business

There are no immediate changes to your banking services while the UK remains a member of the EU.

We’re closely monitoring the situation and we’re aiming to provide you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today.

We’re committed to helping you and your business succeed. With our experience, we’re here to support you with the opportunities and challenges that Brexit could potentially bring to your business.

As our business is largely UK-focused, the direct impact on RBS is not as significant as it is for many other banks.

We’ve already made changes to the way we’re organised to ensure we can serve customers when the UK leaves the EU.

We’ve been operating our banking entity in the Netherlands, NatWest Markets N.V. since 25 March 2019. We’re serving some of our non-UK EEA customers and have transferred our Western Europe Corporate Coverage business into NatWest Markets N.V.

We’ve established our NatWest Bank Branch in Frankfurt, which allows us continued access to the Financial Markets infrastructure in Germany to support Euro Payments and Euro Liquidity via the Bundesbank.

Our Ulster Bank Ireland DAC business will continue to provide services for our customers that live, invest and do business in Republic of Ireland.

We continue to work closely with the UK Government, Bank of England, HMT (HM Treasury), our regulators, the PRA (Prudential Regulation Authority) and FCA (Financial Conduct Authority) as well as UK Finance – to help us understand what Brexit means for the Financial Services sector.

During the Article 50 extension period, there is no change to the way we support our customers. The Withdrawal Agreement will still need to be approved by the UK Parliament, EU member states and European Parliament. We’ll continue to update you with the latest guidance on this webpage.

Passporting (also known as Financial Services Passporting) allows us as a bank to sell our financial services in the EU, so that it’s as easy to lend to a customer in Madrid as it is to lend to a customer in Manchester. It also means that some of the foreign banks who have offices here in the UK can sell their financial services into EU countries and in the UK.

Passporting is intrinsic to the Single Market and will not be available to the UK after Brexit. The UK Government in its July 2018 white paper stated that its proposal for the economic partnership would include new arrangements on services and investments that provide regulatory flexibility.

To prepare for the possible loss of EU passporting we’re using our banking entity in the Netherlands, NatWest Markets N.V. to provide continuity of service from NatWest Markets N.V. to our non-UK EEA customers. As the Netherlands is a member of the EU, we’ll be able to use EU passporting rights for NatWest Markets N.V. to serve EEA customers.

Yes. There should be no immediate changes to how you make and receive payments to EU countries. And,of course, you can continue to access your bank account through the mobile app to conduct your everyday banking needs. Your usual Sterling direct debits and other payments should continue as normal.

Yes. It will still be easy to use your bank card in ATMs across Europe, in much the same way as you can use it today when you go on holiday to non-EU countries, such as America or Australia. And, of course, you can continue to access your bank account through the mobile app to conduct your everyday banking needs.

Yes. Your money will continue to be protected by the Financial Services Compensation Scheme. More information is available at https://protected.fscs.org.uk/money-protection-checker/

There is, as yet, no specific guidance on UK banking. It’s expected that there will be no change during the Article 50 extension period.

Post Brexit our access to Euro payment capability for our customers will remain as it is today.

“Brexit” is the short-hand term being used to describe the UK’s exit from the EU. The UK voted to leave the EU following a referendum in June 2016. In March 2017, the UK Government started the process of leaving the EU by triggering Article 50 of the Treaty on European Union.

Article 50 of the Treaty on European Union is a provision in law which sets out how a Member State can leave the EU.

The Withdrawal Agreement is a framework between the EU and UK, setting the terms of the UK’s departure from the EU. It covers matters such as citizens’ rights, border arrangements and dispute resolution. 

A transition period is included in the October 2019 Withdrawal Agreement. The transition period would run until the end of 2020 with an option to extend for up to two years. It would allow the UK to continue to participate in the European Single Market and means that UK banks would continue to have access to the European Single Market using Financial Services Passporting rights.

The transition period would need to be ratified as part of the October 2019 Withdrawal Agreement by the UK and European parliaments, plus formally approved by the European Council so it’s not yet legally agreed.

The EU currently consists of:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.

The EEA includes EU countries and Iceland, Liechtenstein and Norway. It allows them to be part of the EU’s single market.

Switzerland is neither an EU nor EEA member but is part of the single market - this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.