Passporting rights have now ceased and the transition period ended on 31 December 2020.
Passporting refers to the regulation of financial services, allowing UK firms to continue to do business throughout the EU/EEA without the need for further authorisation.
EU/EEA firms currently operating through a passport in the UK under the existing European passport framework will require a Part 4A permission under the Financial Services and Markets Act (FSMA) to be able to continue carrying out regulated activities in the UK.
This has led to HM Treasury legislating for a Temporary Permissions Regime (TPR), which has now taken effect.
The aim of the TPR is to allow firms not based in the UK to continue carrying out business in the UK for a limited period while they seek authorisation from UK regulators.
Your financial services provider should contact you if the financial product or the service they are able to offer might be affected.
However, when dealing with a firm from the EU/EEA that’s seeking authorisation from the Prudential Regulation Authority (PRA) while in the TPR, it’s possible you might not be covered in the same way as a UK based firm when making a complaint or seeking compensation.
Your provider should tell you if you’re affected in any way.