On 31 December 2020 the period of transition will be completed, after which the UK will exit the Single European Market and the EU Customs Union.
Over the course of 2020, the British Government and the EU have been engaged in the UK-EU post-Brexit trade talks however, as at 22 December 2020, the parties failed as yet to reach the consensus regarding the format of the future relations and free trade after the United Kingdom exits the European Union.
The talks are continuing, and the parties, perhaps, will come to terms on the provisions of the future agreements.
The information presented in the Question-Answer form is prepared based on the questions that our customers most frequently ask given the current situation.
What are the plans and strategy of Bilderlings Pay Ltd after completion of the post-Brexit transition period when the UK leaves the Single European Market?
The overall strategy of Bilderlings Pay Ltd remains unchanged and is targeted at the development of information, communication and digital technologies, which allows the Company to continue an ongoing process of customer service improvement.
Upon completion of the transition period, that is, beginning on 1 January 2021, the United Kingdom will finally discontinue its membership in the European Union and will gain a third country status with relation to other EU member states. In its operation, Bilderlings Pay Ltd will be fully bound by the UK legislation.
Since Bilderlings Pay Ltd is an Electronic Money Institution (EMI), its operation falls under the supervision of the Financial Conduct Authority (FCA) of the UK. The Company will continue to provide services to its customers on the territory of the United Kingdom within the framework of British law.
How will Brexit affect the right of the customers – residents of the EU to use the products offered by Bilderlings Pay Ltd?
As of 1 January 2021, the European law will lose its priority over the UK national legislation. However, the UK intends to preserve the vast majority of existing EU legislation by “onshoring”
this into UK law.
Bilderlings Pay Ltd has made the corresponding changes to the updated version of the Terms and Conditions, it is available to customers on the Company’s website.
Existing Customers – residents of the EU will be given an opportunity to make their own choice whether to continue using the services provided by Bilderings Pay ltd after 31th of December 2020.
Are the scope and cost of Bilderlings Pay Ltd services going to change due to Brexit?
Bilderlings Pay Ltd continues to provide the same scope of services as before and without any changes in the service charges.
What should be done to continue cooperation with Bilderlings Pay Ltd?
Agree to the new wording of the Terms and Conditions by confirming that you:
- have been cooperating with Bilderlings Pay Ltd on a long-term basis;
- have been warned that Bilderlings Pay Ltd provides services on the territory of the United Kingdom;
- have assessed the necessity and your ability of using the services provided by Bilderlings Pay Ltd;
- continue to use Bilderlings Pay Ltd services upon your own initiative;
- have been notified that your consumer rights shall be further protected in accordance with the provisions of the UK Consumer Rights Act 2015.
The information included in this document is being provided solely for the purpose of notification and cannot be viewed as any kind of recommendation or advice. As at the date of this notice, the final Brexit terms are not known yet because the talks are still underway.
Accordingly, the information provided herein may be subject to change and such changes will depend upon the outcome of the talks and the final agreement between the European Union and the United Kingdom.