EU Watchdog Tells Banks to Get Ready for Full Brexit

European Union and British flags flutter in front of a chancellery in Berlin, Germany, on April 9, 2019. Hannibal Hanschke/Reuters

LONDON—Banks using Britain as a gateway to the European Union must fully execute their plans for serving the bloc’s customers before a Brexit transition period ends in December, the EU’s banking watchdog said on Wednesday.

Britain left the EU in January and financial firms continue to have unfettered access the bloc under transition arrangements that end on December 31.