Bank of Italy Wants U.K. Banks to Inform Italy Clients on Brexit

(Bloomberg) -- Italy’s central bank urged all British financial institutions operating in the country to inform their clients about how they intend to manage existing relationships following Brexit.

The Rome-based institute called for prompt action from “all banks, payment institutions and e-money institutions based in the United Kingdom that currently provide services in Italy via branches, under the freedom to provide services, or by means of a network of agents,” the Bank of Italy said in a statement.

The central bank asked the institutions to “to send their Italian customers detailed and personalized information about the impact of Brexit” including:

  • Effects to existing contracts
  • Consequences of any potential corporate restructuring
  • Possibility of recourse to an alternative dispute resolution mechanism
  • Effects on deposit insurance guarantee coverage

The central bank also told the institutions that they need to publish such information on their websites “at least in Italian and English.”

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