Hodge and Brexit
The UK is due to leave the European Union on 29 March 2019, so what does this mean for you and your relationship with Hodge?
Well, firstly it’s important to note as a business we are doing all we can to ensure we’re available for our customers and ready to help you in whatever way you need.
We understand the uncertainty around Brexit can be confusing due to the fast-changing nature of the situation. As a business we are staying on top of the situation to avoid any negative impact for our customers.
What happens after 29 March 2019?
After this date the UK enters a transition period which allows businesses to prepare for the new post-Brexit rules.
The transition period is between 30 March 2019 and 31 December 2020 and during this time nearly all EU laws will remain in place.
Is my money safe?
Yes, your money is protected by the Financial Services Compensation Scheme and will continue to be protected even after Brexit.
Will Hodge be affected by Brexit?
Any adverse outcomes of Brexit will primarily revolve around its impact on the UK economy. In this respect, our performance is influenced by movements in interest rates, commercial real estate values and house prices.
If the economy is negatively impacted by Brexit, it will be the response of these elements which will dictate the extent to which Hodge is affected.
We continually monitor these areas as part of our normal risk assessment processes and we hold capital and liquidity to cater for any significant adverse movements.
We’re confident we can deal with the adverse consequences of a disorderly Brexit.
What plans have you made for customers who live in the European Economic Area (EEA)?
We only pay into a UK bank account in GBP so customers in the EEA should ensure they can access their nominated UK bank account.
Will I be affected as a customer?
No, we are doing all we can to ensure our customers won’t feel the impact of Brexit.
For further information about how Brexit will affect you:
- FCA Brexit site - https://www.fca.org.uk/brexit
- UK Government - https://www.gov.uk/government/organisations/department-for-exiting-the-european-union
- Financial Services Compensation Scheme - https://www.fscs.org.uk/