As of 1 February 2020, the United Kingdom (UK) is no longer considered a member of the European Union (EU) and enters a transition period until December 2020; during this time the EU and the UK will have to reach an agreement on further relations. The outcome of these negotiations is future cooperation between the EU and the UK resulting in the conclusion of a Free Trade Agreement by the end of 2020. The UK has the right to apply to the European Commission for a one- or two-year extension of the transition period, if that request is submitted by 1 July 2020.
In accordance with the conditions set forth in the Brexit Withdrawal Agreement, during the transition period, i.e. 1 February 2020 – 31 December 2020, EU law continues to apply to the UK, but its participation in the activities of the EU institutions will be limited.
During the transition period handling of complaints and disputes between consumers and financial services providers registered in the UK, issuance of licenses and distribution of financial products and provision of financial services will remain unchanged.