Expats in EU face losing UK bank accounts
Tens of thousands of British expats living in Europe face losing their banking facilities with UK providers because of the failure of the UK and EU to reach a post-Brexit deal over financial services.
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“The financial regulator in France, for example, has already confirmed it will be illegal for French banks and insurance firms to do business with a provider which is not authorised in the country. “We can expect similar positions to be taken by other EU regulators seeking to protect consumers in their country, so this could limit the planning opportunities for expatriates using UK-based advisers. “Affected clients and their advisers need to act quickly to make alternative financial arrangements."If, as seems increasingly likely, the UK fails to reach a pan-European banking agreement with the EU, regulations will revert to a country-by-country basis. A BBA report said: “The UK-based bank could try to look to the national licensing regimes of individual EEA states. However, relying on the domestic legal position of individual EU countries instead of on the pan-EU passport regime, is more limited, complex and costly, and results in a patchwork of outcomes.”
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