On 9 May 2018, the European Consumer Organisation, BEUC, published a report on Brexit and securing positive outcomes for consumers. The report outlines recommendations to place consumers at the heart of the Brexit negotiations.
Among other things the report argues that certainty is needed before the UK’s withdrawal from the EU regarding the extent to which consumers benefit from the UK’s Financial Services Compensation Scheme (FSCS) and have recourse to the Financial Ombudsman Service (FOS). The FSCS and the FOS offer protections for clients of UK financial services firms, but there is limited coverage for certain EU27 firms carrying out business in the UK. It is not yet clear how redress rights will be affected.