lloyds closing accounts

born_again

savoysister said:

We use it for when we come back so we don't have to change funds and have a savings account with them. I assume from another reply that lots of other expats might be in the same boat. Nothing on Lloyd's website I could see about it happening to accounts after Brexit. 

They won't publish their plans on the website, they will just contact people concerned. 
It will be a internal business decision to reduce the risks.

brianposter

It is, of course, a rather peculiar reaction to the idea that the UK is going to become more internationally connected.

dunstonh

brianposter said:

It is, of course, a rather peculiar reaction to the idea that the UK is going to become more internationally connected.

It may become more internationally connected. Just less so with the EU.  
If there is no deal on financial services, which is now looking likely, then UK financial firms cannot offer services within the EEA.

Banks have a choice to either set up a unit within the EEA to cater for residents within the EEA or cease to offer services.     

jonesMUFCforever

brianposter said:

It is, of course, a rather peculiar reaction to the idea that the UK is going to become more internationally connected.

Yes but EU regulation has strangled the financial services sector - much worse than the old you can't sell veg by the pound or bananas have to be a certain shape!.
If we continue to accept EU residents as customers we will still be tied in to their rules after Brexit.
The banks obviously don't think its worth it.

[Deleted User]

jonesMUFCforever said:

brianposter said:

It is, of course, a rather peculiar reaction to the idea that the UK is going to become more internationally connected.

Yes but EU regulation has strangled the financial services sector - much worse than the old you can't sell veg by the pound or bananas have to be a certain shape!.
If we continue to accept EU residents as customers we will still be tied in to their rules after Brexit.
The banks obviously don't think its worth it.

You want to be in the game, you got to play by the rules.
As a business, having access to circa 500 million EEA customers is better than Little E&Ws 56 million 
Plus, do you serious expect the US will accept Little E&W FS rules?! 

dunstonh

Plus, do you serious expect the US will accept Little E&W FS rules?! 

 London successfully trades financial services all over the world.  

upsidedownpancake

dunstonh said:

brianposter said:

It is, of course, a rather peculiar reaction to the idea that the UK is going to become more internationally connected.

If there is no deal on financial services, which is now looking likely, then UK financial firms cannot offer services within the EEA.

Banks have a choice to either set up a unit within the EEA to cater for residents within the EEA or cease to offer services.     

Of course, they can, they might not be able to advertise directly to them in the country but the EU certainly can't stop someone in France opening an account in the UK if the UK banks allow it.

dunstonh

upsidedownpancake said:

dunstonh said:

brianposter said:

It is, of course, a rather peculiar reaction to the idea that the UK is going to become more internationally connected.

If there is no deal on financial services, which is now looking likely, then UK financial firms cannot offer services within the EEA.

Banks have a choice to either set up a unit within the EEA to cater for residents within the EEA or cease to offer services.     

Of course, they can, they might not be able to advertise directly to them in the country but the EU certainly can't stop someone in France opening an account in the UK if the UK banks allow it.

I suggest you read up on passporting permissions.  You dont appear to understand the requirements to offer financial services to residents within the EU.

jonesMUFCforever

dahj said:

jonesMUFCforever said:

brianposter said:

It is, of course, a rather peculiar reaction to the idea that the UK is going to become more internationally connected.

Yes but EU regulation has strangled the financial services sector - much worse than the old you can't sell veg by the pound or bananas have to be a certain shape!.
If we continue to accept EU residents as customers we will still be tied in to their rules after Brexit.
The banks obviously don't think its worth it.

You want to be in the game, you got to play by the rules.
As a business, having access to circa 500 million EEA customers is better than Little E&Ws 56 million 
Plus, do you serious expect the US will accept Little E&W FS rules?! 

Lloyds has had a policy of becoming a UK only based bank. It has got rid of most of its International businesses a few years ago - it does not want for certain retail (personal) EU bank customers.
Other banks may view things differently and perhaps the OP should consider one of those.

London7766551

A letter from Coutts, a subsidiary of NatWest Group, said: “We’ve taken the difficult decision to withdraw offering services to clients who reside in the EEA unless an alternative to the passporting regime is swiftly agreed at a government level.”

Before and after the transition period

UK financial institutions can continue to provide services to clients in the EU and EEA during this year’s transition period on the same basis as before. From December 31, the UK will become a “third country” and, if no agreement is reached, the bank will lose access to such “passporting”.

The British Bankers Association (BBA) said: “These passports are the foundation of the EU single market for financial services.” Without an agreement, UK banks will face significant regulatory barriers to providing cross-border banking and investment services to EU-based clients.

This is most likely to affect those that provide extensive one-to-one financial help, such as private bank Coutts, whose clients are said to include the Queen. It could, however, potentially affect anyone living in the EU with a British bank account, having an impact on access to services such as banking advice, loans, bonds, foreign currency management, credit cards and mortgages.

It is expected that Britons living in the EU would still be able to keep ordinary accounts at most banks and use them for everyday purposes such as transfers of money between France and the UK. The fact that the UK is expected to remain in the EU’s Sepa zone should also facilitate this. 

Some EU rules won't apply to the UK anymore

An EU rule giving a right to open new “basic” accounts in other EU countries where you do not live may, however, no longer apply to the UK. A spokesperson for the trade association UK Finance said: “Customers whose bank is in the UK and who live elsewhere in Europe could face disruption to products such as overdrafts or mortgages in a ‘no deal’ scenario. The exact impact will depend on the product and rules in place in the country of residence. We encourage people to find out if action is needed.”

https://www.connexionfrance.com/French-news/British-banks-may-stop-services-due-to-Brexit

Here is an article about this subject, mainly banks withdrawing services to customers that reside in the EEA. I assume the fact that banks are already withdrawing accounts prior to January 1st, that they believe there will not even be a deal on Sepa.

I think we will be ok