Yesterday I visited a new client who was very distressed, as she had received a letter from her UK bank telling her that her bank account, which she had held with them for over 20 years, was going to be closed at the end of 2020. This was whether she wanted it or not; unless she could prove she was a UK resident.
This is not an isolated incident. British Nationals living across the European Union have started receiving letters from their UK financial institutions stating that their accounts will be closed by the end of 2020.
Sadly, this does not just apply to UK bank accounts. People have been receiving letters advising them that their UK credit cards will be closed and many UK based Financial Advisers are advising clients that they can no longer service them if they are resident in the EU after 2020, and that these clients will no longer be able to top up their UK based investments.
Why you may ask? Well this is because financial services providers in the UK may not be able to legally keep servicing their Expat clients in the EU after 31 December 2020, the deadline for the Brexit Transition period.
Currently UK based financial businesses are allowed to use passporting rights to conduct business in the EU , but once the UK leaves the EU , this right may disappear altogether and most definitegulator.
If you are or could be affected by this, you need to act quickly to make alternative financial arrangements.
At Blacktower Financial Management, we have been dealing with a steady stream of concerned Expats throughout this year and have been assisting existing and new clients, (along with a panel of experts) in putting in place a “How to Exit the UK roadmap”.
If you would like to benefit from our knowledge and expertise with regards to this or any wealth management matter please contact me by phone 06 38 86 99 70 or email: [email protected] or visit www.blacktowerfm.com
This article is based on the opinion of the financial adviser and author, and does not reflect the views of Blacktower. The above information was correct at the time of preparation and does not constitute investment advice and you should seek advice from a professional adviser before embarking on any financial planning activity.
Blacktower Financial Management Ltd is authorised and regulated in the UK by the Financial Conduct Authority. Blacktower Financial Management (Int) Ltd is licensed in Gibraltar by the Financial Services Commission (FSC) through whom we have a registered branch and passport for financial services in France. License number 00805B.