Brexit and Cater Allen Private Bank

On 31 January 2020, the UK left the European Union.

We'd like to reassure customers that Cater Allen Private Bank remains committed to our customers and to the United Kingdom. 

As a UK bank we're subject to the requirements of the UK regulators such as the Financial Conduct Authority and the Prudential Regulation Authority.

Like any prudent organisation, we've been undertaking contingency planning around Brexit and we're well positioned to continue to help people and businesses prosper in the weeks and months ahead.

We have no plans to make changes to our products as a result of the UK's withdrawal from the EU, but if we do need to make any changes in the coming months, we'll provide our customers with as much notice as possible.

Frequently asked questions for all customers

Where are my deposits with Cater Allen Private Bank held?

Deposits with Cater Allen Private Bank are held in the UK.

Is my money secure in the UK?

Cater Allen Private Bank customers' deposits are currently protected by the Financial Services Compensation Scheme – which applies to eligible deposits held in the UK up to £85,000 per customer. Following the UK's departure from the EU, the compensation limit will continue to be set by the Prudential Regulation Authority and will be independent from any limits set by the EU.  

As Cater Allen holds its own banking license, a customer's deposits with Cater Allen are, for the purposes of FSCS cover, distinct from any deposits they may hold with Santander UK plc.

Further information on Brexit and the FSCS can be found on the FSCS website.

Will I be able to use cash machines/pay by my Cater Allen Private Bank Debit Card in Europe?

Yes, the use of cash machines and how customers use their cards to pay for goods and services are not affected by the UK's exit from the EU.

Are standard payment methods, such as standing orders and Direct Debits affected?

No, standard banking payments such as standing orders and Direct Debits remain the same.

Can I bank online when travelling in Europe?

Yes, Internet Banking isn't affected by the UK's exit from the EU.

Can I make payments internationally?

Yes, you can still make international payments now that the transition period has ended but these may be more expensive. Cater Allen have not made any changes to its charges when you send or receive payments from/to your account with us to the EEA, but banks within the EEA are permitted to take deductions from UK payments.

For payments in EUR

Payments you send via SWIFT to an EEA account may arrive with deductions having been taken along the way, either by the beneficiary’s bank or by a correspondent bank.

It’s also possible that payments you receive from an EEA bank, both in foreign currency and in GBP, may have deductions taken before the payment reaches Cater Allen in the UK.

For other EEA currencies we offer

including Czech koruna, Danish krone, Swedish krona, Polish zloty, Hungarian forint and Romanian leu, SWIFT is the only payment method available and these payments may be subject to deductions.  Payments in Pound sterling (GBP) to/from EEA countries may also be affected.

If you have any questions or concerns about the charges which could be applied within the EEA, the owner of the account held in the EEA should check with their bank as we can’t see what charges other banks will apply and are unable to advise on this.

I'm thinking about moving abroad, will there be any changes to the products and services Cater Allen Private Bank offers me when the UK has left the EU?

If you're thinking of moving abroad, we'll continue to service your products.

There may be countries now or in the future which we will no longer be able to service due to changes to their regulation or political instability. If we are no longer able to service your account when you move abroad, we will let you know when you tell us your new address details.

I currently live outside the UK, will there be any changes to the products and services Cater Allen Private Bank offer me following Brexit?

Although we will still be able to service any account you have with us and we haven't made any changes to our services, we're continuing to consider the consequences of the UK's withdrawal from the EU. We'd like to reassure you that if we do need to make any changes in the future, we'll write to you and provide you with as much notice as possible.

Frequently asked questions for business customers only

How is the UK government supporting businesses with Brexit planning?

Since August 2018 the UK government has published a series of technical notices that provide detailed guidance for businesses. These cover a wide range of topics across a number of different sectors, as well as regulatory and employment information. 

You can view other government information about preparing for Brexit on the website.

What does Brexit mean for importing and exporting?

We can't accurately predict the effect on trade flows, however with 'no deal' Brexit there may be some disruption at UK ports and airports, which may affect just-in-time manufacturers. Information is available from the government's website and from trade bodies.

I import/export to the EU, how is this affected by the UK leaving the EU?

You will need a UK Economic Operator Registration and Identification number (EORI) to continue trading with the EU after 31 January 2019. An EORI number is a unique identifier given to importers and exporters by HMRC and provides information to customs authorities in order to implement EU security measures. 

The European Commission has published further information about how Brexit could impact customs procedures including a 5 step checklist.