The UK left the EU on 31 January and the Brexit transition period will end on 31 December 2020, bringing with it guaranteed changes for businesses across all sectors, including those in the banking and finance industry. 

These changes will happen regardless of the final outcome of negotiations, and it's vital the industry takes action now to be ready for 1 January 2021 and to ensure the UK banking and finance industry continues to be competitive on the global stage.

Where to begin? For those working in the banking and finance industry, these three actions are a good place to start:

• Firstly, in order to practise or service clients in the EU from 1 January, it's important to make sure your qualifications are recognised by EU regulators. Without this, you might not be able to practice your profession. Head to gov.uk/transition for further guidance on what you need to do.
• Secondly, do you, or employees in your business, travel to the EU for work purposes? If so, you need to check if a visa or work permit is required. If the answer is yes, apply now to avoid potential delays or refusal at the border from 1 January. Find out more about visas and work permits for the EU here.
• Thirdly, make sure your business is prepared on data protection and data transfers. From 1 January, your business may not be able to legally receive personal data from the European Economic Area (EEA) if you have not put alternative safeguards in place to cover EU to UK personal data flows. Do you have further questions on this? Find the answers on gov.uk/transition.

Of course, all businesses are different. Use the gov.uk/transition checker tool for a tailored summary of the actions your business needs to take and to sign up for email updates.

And, most importantly, act now.