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Brexit – How Our Customers May be Affected

Brexit – How Our Customers May be Affected

The UK is scheduled to leave the European Union (EU) shortly. Negotiations continue, with a flexible extension to the date of our withdrawal agreed until 31 October 2019. 

We're monitoring developments and will update this information as more details become available that may impact our customers.

This information is intended to provide you with details about how any plans or policies you've taken through us will be affected if the UK exits the EU without a deal.

Your Life, Pension and Protection Plans

Most of our customers live in the UK and any plans issued to them by Wesleyan Assurance Society will not be affected by Brexit.

If you live in the EU you should have received a letter from us explaining that, whatever the outcome of the negotiations, Brexit will not have an impact on how we manage and service the plans you have with us.

We will continue to accept premium payments through your UK bank account as normal, and there will be no change to the terms and conditions of your plans.

However, in the event that you wish to change your bank account from the UK to overseas, please note that we would not be able to receive any premiums or make future payments to an overseas account. If you're considering making this change, please call us to discuss your options on 0800 058 2965. Our opening hours are 8.30am to 6.30pm Monday to Friday and 9am to 2pm on Saturdays.

Travel to the EU

If you're planning to travel within the EU before the 31 October 2019 you don't need to take any immediate action for some types of cover such as motor insurance, unless we withdraw from the EU before then, without a deal.

Motor insurance

If we withdraw from the EU without a deal before the 31 October 2019 and you're planning to drive your car in the EEA, Andorra, Serbia, Switzerland or across the border between Northern Ireland and Republic of Ireland, then you'll need a Green Card from your insurance provider in the UK.

This Green Card shows that you have the legal minimum motor insurance cover for travel in the country you're visiting.  You must carry this documentation with you when you drive to and from Europe.

So, for now you don't need to get a Green Card unless there's a no-deal Brexit.

If you've purchased your motor insurance policy through Wesleyan, please contact us on 0808 291 4508.

European Health Insurance Card (EHIC)

If the UK leaves the EU without a deal before 31 October your European Health Insurance Card (EHIC) might not be valid any longer.

Whatever the outcome of the Brexit negotiations, the EHIC does not cover all medical expenses or repatriation to the UK, so it's important to have the appropriate insurance cover when you travel.  

If your travel insurance was purchased through Wesleyan, you're covered for emergency medical expenses up to £10 million. 

If you do have any concerns, please contact our insurance consultants on 0808 291 4508.

Savings and Investments

Some of our members and customers may have concerns about their savings and investments. We want to reassure all our investors that Wesleyan's aim is to achieve the best returns depending on the risk you are prepared to take. As a mutual, with no shareholders, this is something we've been committed to for over 175 years.
Over the last 18 months, we've taken steps to spread risk across the Society's assets and to ensure our funds are well-positioned for a range of potential Brexit outcomes, including a 'no deal' scenario.

Recent events have affected financial markets across the globe, not just in the UK. However, the broader expectation is that the UK will continue to work closely and trade with the EU, which is in the economic and wider interests of both parties. Political uncertainty (as well as other factors) can impact the performance of investments.  However, the current volatility visible in the global markets also presents a range of investment opportunities for Wesleyan and our Fund Managers, which is something we will seek to use for the benefit of our clients where possible.

It's also important to remember that investments have different levels of risk associated with them. Past performance of investments is not an indication of future performance and as such their value can go down as well as up, meaning you could get back less than you originally invested. If you're concerned about the impact of Brexit on your investments, please speak with your Wesleyan Financial Services Consultant.

Correct at date of publication - 11 April 2019

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Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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