How we are preparing for continuation of service post Brexit.

We have submitted Third Country Branch applications to both the UK and Austrian regulators. Approval will result in the transition of WUIB UK Branch from a passported EU branch to a Third Country Branch, actively supervised by the UK Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA).  

What does this mean for Western Union customers?

As Western Union’s UK business is already set-up as a branch of Western Union International Bank there will be very little change to the way we operate and how we service our customers. 

Some policies may require some adjustments to meet both Austrian and UK requirements, but we expect these to be minor and for most customers there will be no change. 

However, we do expect that clients in Ireland and our EU customers who are currently serviced from the UK (or vice versa) will need to be moved to other branches.  In addition, we are evaluating the appropriate solution for clients located in Gibraltar and are working with our agent GAP Vassilopoulos on a new model for our clients in Cyprus.

What are the timelines?

As there is significant uncertainty regarding what, if any, transition agreement will be in place between the United Kingdom and the European Union, we are aiming to be compliant with the Third Country Branch requirements by 29 March 2019

Where possible, the customer movements mentioned above, will be implemented by 2 January 2019.

A full project structure is in place to meet these timelines with representatives from our Compliance, Legal & Governance, IT and Customer functions.

What’s next?

We will provide updates to the information on this page and by email communications directly to any clients any clients impacted by the change of branch.