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EBA Criticizes Banks For Failing To Explain Brexit Risks

Law360, London (December 17, 2018, 8:00 PM GMT) -- The European Banking Authority warned lenders on Monday to explain the risks of Brexit to customers as quickly as possible, as the U.K. Parliament geared up for a key vote on leaving the European Union as soon as Jan. 14.

Europe’s top banking regulator said there was “little evidence” that banks had explained the risks of Britain leaving the bloc without a deal on March 29 to their consumers and urged them to take swift action.

“The EBA has observed continued progress in contingency planning but little evidence of financial institutions communicating effectively to their customers on how they may be...

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