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EBA urges financial firms to provide more information on Brexit impact

The European Banking Authority urged financial institutions to increase efforts to inform customers about how Brexit could affect them and their contractual or statutory rights.

The regulator said there was continued progress in financial firms' contingency planning but it found little evidence of effective communication with customers about how they will be affected by the country's exit from the EU.

The EBA wants financial firms directly or indirectly affected by Brexit to engage with their customers and provide adequate information on risks and mitigating measures.

Also, customers who have questions on whether they may be impacted but have not been contacted by their firms by 2018-end might want to contact the firms directly, the EBA said.