lloyds closing accounts

dunstonh

goldieandblackie said:

Someone could live and work aboard and  have a couple of houses or flats that they rent out in the UK and hence need a UK bank account.

If the person returned to the UK periodically then there should not be a problem.

I don't need to.  Passporting is an EU system, something we'd have no obligation to follow in the case of a no-deal Brexit.  That was my point.

Your point is wrong as it would be passporting or equivalence would be required.  To offer financial services in the EU requires the firm to be authorised by a country within the EU and hold the relevant permissions.

Not holding the appropriate permissions within the EU would be trading unlawfully.

brianposter

It does sound as if Lloyds could be more informative in explaining exactly why they are closing the account.

colsten

dunstonh said:

Welcome to the protectionist regime that is the EU.

It is absolutely nothing to do with any protectionism. 

For a bank to operate in a given country, they need to have a licence, or at least a passporting arrangement.

This applies to UK banks in the EU in just the same way as it applies to EU banks in the UK. 

[Deleted User]

dunstonh said:

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

 London successfully trades financial services all over the world.  

I wasn't aware the US (or anywhere else for that matter) will accept 'London' i.e. English banking licences from next year.
Trade is different 

Sandtree

brianposter said:

It does sound as if Lloyds could be more informative in explaining exactly why they are closing the account.

How can they be more any more explicit? They've already said that due to Brexit we are no longer part of the EU and as such the UK bank can no longer provide banking services to people living in the Netherlands. Is going into the details of passporting rules in the EEA, explaining branches -v- entities etc all really going to be useful to the average punter? There has also been various complexities considered on if someone is in the UK when they obtain the services and then move to the EEA -v- if they were in the EEA at the point of taking up the services. 

dahj said:

dunstonh said:

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

 London successfully trades financial services all over the world.  

I wasn't aware the US (or anywhere else for that matter) will accept 'London' i.e. English banking licences from next year.
Trade is different 

In a manor of speaking they do but the rules and regulations over offering personal current accounts or credit cards are vastly different than the much wider "financial services" that Dunstonh mentioned such as OTR derivatives or asset management. In my part of the Financial Services world of insurance most UK insurers could sell certain lines of insurance into most states in the USA as a non-admitted insurer if they wanted as long as its via an admitted broker... obviously with the USA their rules are federated so exact requirements and allowances vary by state. 

London7766551

As I said in the other thread, we left seven months ago and voted to leave over four years ago, I know if I had been living in the EU I would have been straight on the situation and preparing for the worst case scenario. You still have time to prepare, you should do so now. 

headers47

London7766551 said:

As I said in the other thread, we left seven months ago and voted to leave over four years ago, I know if I had been living in the EU I would have been straight on the situation and preparing for the worst case scenario. You still have time to prepare, you should do so now. 

It is very difficult to prepare when the banks won’t tell you what their intention is, but your pension provider is very clear that they will only pay into a U.K. sterling account. Not one bank that I have asked has been able to state categorically that I would be eligible to use their services after 31/12/2020 as a U.K. citizen living in an EU country. I continue to search for a solution. Please share your ideas.

jonesMUFCforever

headers47 said:

London7766551 said:

As I said in the other thread, we left seven months ago and voted to leave over four years ago, I know if I had been living in the EU I would have been straight on the situation and preparing for the worst case scenario. You still have time to prepare, you should do so now. 

It is very difficult to prepare when the banks won’t tell you what their intention is, but your pension provider is very clear that they will only pay into a U.K. sterling account. Not one bank that I have asked has been able to state categorically that I would be eligible to use their services after 31/12/2020 as a U.K. citizen living in an EU country. I continue to search for a solution. Please share your ideas.

Look at Offshore banking which has been offered by banks for ex pats for generations.

eDicky

savoysister said:

Does anyone know a bank that lets you live in the EU but have an account with them? 

https://digital.ulsterbank.co.uk/personal/current-accounts/eu-residents-hub.html

Thrugelmir

brianposter said:

It does sound as if Lloyds could be more informative in explaining exactly why they are closing the account.

Cost. Banks are a business.