At midnight on 1 January 2021 CET, UK Banks, Payment Institutions, and Electronic Money Institutions lost their right to offer services into Europe. At the same moment, EU financial institutions lost their right to offer services into the UK, except where the UK had unilaterally agreed that they could continue.
The lists of those EU entities who can (temporarily) continue to access UK accounts after the end of the transition period were published by the Financial Conduct Authority (FCA) on 01 January 2021, as the Temporary Permissions Regime (TPR) and the Supervised Run-Off (SRO).
Those organisations that run directories of European Entities, such as Open Banking Europe (OBE) and Konsentus, spent New Year’s Day extracting the data from the TPR and SRO, discarding those that are not relevant to Open Banking, matching financial institutions from the FCA to the financial institutions as published in each European country, and then removing passporting rights for all those financial institutions who had passported into the UK, excluding those that were in the TPR.
The purpose of this publication is to summarise:
- The background, purpose, and formats of the TPR and SRO lists.
- The synchronisation issues identified as part of OBE’s analysis of the TPR and SRO lists.
- The way forward for UK banks when dealing with EU entities now that the transitional arrangements between the EU and the UK have ended.
