Hansard Europe DAC

This firm is running off its UK business and cannot deal with new customers.

This firm is in the UK’s financial services contracts regime for EEA-based firms that previously passported into the UK. This regime provides a limited period of time during which firms can continue to service UK contracts entered into prior to the end of the transition period, in order to wind down their UK business in an orderly fashion. There are two parts to the financial services contracts regime and this firm is in the part called contractual run-off. Contractual run-off is generally for firms that previously provided services from an EEA country into the UK but did not have a UK branch. Firms in contractual run-off are not authorised and regulated by the FCA or the PRA. However, they can continue to undertake regulated business in the UK, for a period, but can only perform regulated activities within the scope of their previous passport in the UK and only to the extent necessary to continue to service pre-existing contracts with UK customers or where necessary to reduce financial risk, to transfer property or comply with the law. For example, they are generally not allowed to deal with new customers or undertake any new regulated business, unless it is necessary to perform a pre-existing contract. Consumers doing business with firms in contractual run-off may wish to ask for further information from the firm about the basis on which the firm is doing business with UK customers and, in particular, how complaints and compensation arrangements apply to UK customers. A firm based in an EEA State, may not be covered by a compensation scheme or not to the same extent as a UK authorised firm. The right to refer a matter to a dispute resolution scheme may not exist or may be more difficult for a UK customer to use. You can read more about the financial services contracts regime, including details of the relevant legislation, on the FCA’s website and the PRA's website .