Capo Boi

On a ‘No Deal’ this almost certainly will happen.

https://www.dailymail.co.uk/news/art...xit-rules.html

philat98

There doesnt seem to be a lot of sympathy from Daily Mail readers judging by the comments.

Capo Boi

I don’t think there will be much sympathy from anyone really.

Geordieborn

Banks could well be dead in a few years, so it would make little difference....

philat98

I wonder what is happening with pension funds at the moment. With all the Covid dividend cuts and the BOEs hint of negative interest rates they must be under some stress.

modicasa

Im sure Rees Mogg wont be getting a letter from Coutts or his private Swiss bank telling him he's stuffed.

Geordieborn

There is little talk here of negative rates simply because they do not want to contemplate the consequences ... They have a perfect storm at the moment with Covid, Brexit and, at best, inept politicians .

jiminalpago

I read this news in another paper and the key phrase seemed to be that UK banks would in future be unable to provide "banking services" in the 27 countries of the EU without registering in each country individually. This makes the game not worth the candle.
I was unable to get through to Lloyds' Overseas Enquiries number this morning due to intense traffic but I spoke to another General Enquiries centre and later was rung by my branch; neither had heard of this change but the branch are going to investigate.
My circumstances are that my income (pensions) arises in the UK and goes to my account there and I make foreign payments as necessary. I ran this past the branch who agreed that they were providing services to me in the UK, not in an EU country. But the branch don't make the rules.
If the worst came to the worst I hope that changing my mailing address from Italy to UK would be sufficient.

mrken30

The UK Government will pay pension into an overseas account. Private pensions on the other hand may not.

HADENOUGHPIZZA

Obviously not because his cash is in one of those cute ex colonies that now serve as tax havens and the EU wanting to crack down on reporting / transactions might just have played a part in him wanting out of the EU . He pays minimal tax in the UK .

jiminalpago

Thanks for that, MRKEN; I made the choice to use a UK bank a long time ago, mainly because the thought of chasing-up a late or lost payment at this end was daunting. I've had no reason to change that decision.
Updating yesterday's post, there is quite a bit of discussion on the French and Spanish forums. One relevant remark was that it would be "illegal" for a UK bank to give credit (I.e.a banking service) to a foreign resident and therefore a credit card linked to a UK account would lead to the closure of the account. Debit cards are, however, acceptable.

Geordieborn

The worry for me if I was in such a position in the short term would be that they (UK banks) stop access online to account frequently used abroad until they have proof you are not resident abroad.

C.2s

Updated info on this here https://www.thelocal.it/20200922/how...eople-in-italy

It seems the number of accounts that might be closed are fewer than suggested in the original article. For example for Lloyds it now says this:'the bank is understood to be closing business accounts - not personal accounts - of customers living in the Netherlands, Germany, Ireland, Italy and Portugal. However the bank said it had no current plans to discontinue any services for customers in Italy.

A spokesman said: "We have written to a small number of customers living in affected EU countries to let them know that due to the UK’s exit from the EU, regrettably we will no longer be able to provide them with some UK-based banking services. We want to keep customers informed and offer advice on next steps.”

yellow_belly

At least Covid has given the press something else to moan about.

Geordieborn

I see the BBC here has caught up with the story...