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Information for customers

13 January 2020

What is smile's position in relation to Brexit?

  • We maintain a neutral position on political matters, including any changes to Britain’s membership of the EU.

Information for customers residing in the UK

Will Brexit have any impact upon my ability to continue to bank with you as an individual customer or business customer?

• As a UK based bank, there will be no change to how you can bank with us regardless of the Brexit outcome.
• It is business as usual and we have taken action to ensure continuity for customers with the products they have and the service they get from us.

Will I see any changes to any of my personal or business product rates as a result of the Brexit outcome?

• We have no plans to make any changes to our products as a result of Brexit.
• We will continue to monitor the impact any Brexit outcome may have on the wider financial markets and we will update customers if any changes are needed as things progress.

Will I see any change to the interest rate I currently pay/receive on my personal / business product(s)?

• The Bank has no plans to change any of its products because of the outcome of Brexit.
• The outcome may lead to volatility within the financial markets which in turn may impact interest rates across the sector. We will update customers accordingly if any changes need to be made as a result of any wider market impact.

Information for customers residing in the EU

I am a customer that is based outside of the UK what will the outcome of Brexit mean to me?

• We have communicated directly with our customers based outside of the UK.
• There are no immediate changes to how you operate your account while the UK remains a member of the EU and during any transitional period. We are closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required.
• There is also some advice available on the Gov.co.uk website here: https://www.gov.uk/uk-nationals-living-eu

Information for all customers

Is my personal money safe with the Bank in the outcome of Brexit?

• Yes, as is the case with the wider industry, customer money continues to be protected under the Financial Services Compensation Scheme, up to a total of £85,000. This limit is applied to the total of any deposits you have with The Co-operative Bank, smile and Britannia.
• We are continually monitoring the Brexit outcome and any impact it might have on the financial markets and confidence within the industry.

Is my business' money safe with the Bank in the outcome of Brexit?

• Yes, within the current criteria of the Financial Services Compensation Scheme, up to a total of £85,000 is protected for most businesses.
• We are continually monitoring the Brexit outcome and any impact it might have on the financial markets and confidence within the industry.

What is the Bank doing to prepare for the outcome of Brexit?

• The Bank is working with its regulators and other industry bodies in preparation for the outcome of Brexit.
• We have been working with the wider industry throughout the process of Brexit and have put things in place to ensure that there is continuity for customers with the products they have and the service they get from us.

Will you contact me to move my money or change any of my security details because of Brexit?

• We will not contact you to move your money to another account or ask you to change your security information because of Brexit.
• Customers should be vigilant and aware that some opportunistic fraudsters may try to take advantage of any uncertainties customers might have and attempt to contact customers with Brexit focused scams. In particular, if you are due to send a payment to somebody and receive an email or call to say that the beneficiary sort code and account number has changed. Always validate the request by contacting the company directly using established contact details before sending any money.
• Customers should ensure they keep up to date with the fraud information on our website and read any fraud education and awareness information we send to them.
• Suspected scam emails can be sent to: ihaveseenascam@co-operativebank.co.uk If you have any concerns about any contact you have received please contact us on the numbers listed here: https://www.smile.co.uk/global/security
• We will never ask you for your full security information or for details from your card or any verification codes. Your card, Card Reader and verification codes you are sent are for you and only you to use when banking online. We will never call you and ask you to use your Card Reader, provide us with verification codes or to ask you to set up, make or amend any payments.
• For industry fraud advice visit: https://takefive-stopfraud.org.uk/

Will overseas services such as money transfers be impacted by the Brexit outcome and cost more or take longer or just not be possible?

• We will continue to service customers with overseas transfers in line with the current offer we have and there is no change in the time this service takes or cost of it expected. If any such change were to happen we would communicate this accordingly.

Where can I find further information?

Personal banking customers:
• Financial Conduct Authority: How Brexit could affect you: https://www.fca.org.uk/consumers/how-brexit-could-affect-you
• Gov.uk: Prepare for EU exit if you live in the UK: https://www.gov.uk/prepare-eu-exit

Business banking customers:
• Financial Conduct Authority: Prepare your firm for Brexit: https://www.gov.uk/prepare-eu-exit
• Gov.uk: Prepare your business for the UK leaving the EU: https://www.gov.uk/business-uk-leaving-eu