Country Manual Private Banking
United Kingdom
BRP has updated its Country Manual Private Banking for
United Kingdom Financial Services Contract Regime (CRO) out of EEA
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Regulatory Template, Regulatory Summary and Behaviour Template
The Manual covers financial services activities directed to or undertaken in the United Kingdom (UK) as well as to business relationships with a potential or existing client in the UK and is relevant to banks that are incorporated in a member state of the EEA that were up until the end of 2020 able to passport services into the UK.
The manual is relevant for those EEA Banks that entered into the “Contractual Run-off Regime” (CRO) part of the Financial Services Contracts Regime “FSCR”.
The Manual CRO can be found on BRP’s platform (mybrponline) in the Search tab by searching for Product “Country Manual Private Banking” with “UK BREXIT” in the Target Country Field and “EEA with Passport” in the Source Country Field.
Material changes
This Manual has been rewritten on BRP’s editing platform so that it now features a full Regulatory Template in contrast to the previous version which just featured an extended Regulatory Summary and a Behaviour Template. This means that the Manual covers more topics including business relations with third parties. Generally, the contents largely mirror those of the standard BRP manual for the UK out of a third country, but there are differences in relation to the treatment of ongoing activity that may be viewed as occurring for the purposes of contractual run-off.
New comments have been incorporated in the Behaviour Template where relevant to take account of the CRO where activity is for the purposes of contractual run-off.
The manual has been updated to reflect various regulatory changes:
Changes to the promotional exemptions for high net worth individuals and self-certified sophisticated investors.
The enactment of the Financial Services and Markets Act 2023 and in particular, the introduction of a regulatory gateway for the approval of financial promotions. If a foreign firm wants to have a promotion approved by a UK authorised entity that entity will in general need to have permission from FCA to approve promotions. Intra group approval of promotions is not subject to the gateway.
Non-material changes
The comments for Grey zone/YES answers in relation to debit and credit cards emphasise that no cards should be issued in the UK. For onsite offering of Lombard credit there is an additional comment that the credit institution should avoid entering into credit agreements in the UK.
BT Short Comparison
This document allows users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “UK BREXIT” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, February 18th, 2025