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News story: UK banks to shut thousands of British expats' accounts

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  • colstencolsten Forumite
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    Do you have a reference for the promises that nothing would change, I think the whole point was that a lot would change wasn't it?
    Daniel Hannan, former MEP and now Lord Hannan for his support to Brexit, is famous for his false "nothing will change" Brexit promises. Like the one where he said that nobody is threatening the UK's place in the Single Market. If we had stayed in the SM, our Financial Services companies wouldn't have lost their passporting rights, and countless numbers of people wouldn't be at the receiving end of this current account chaos. Though I suppose, he was, sort of, right, as nobody ever threatened the UK regarding their place in the Single Market. We withdrew voluntarily, in an act of stupefying self-harm.

    As an aside, Hannan is also famous for tweeting that Covid-19 will not kill you.




  • edited 26 December 2020 at 10:31PM
    ThrugelmirThrugelmir Forumite
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    edited 26 December 2020 at 10:31PM
    No point in having a major UK industry governed by rules over which there's no control. Worst of all worlds. For banks off loading unprofitable current accounts is no bad thing given the broader challenges now faced with Covid. 
  • colstencolsten Forumite
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    Banks provided current accounts to residents of the UK. The fact that people subsequently moved elsewhere is another matter. 
    Banks have always been free to close current accounts if the account holder moved abroad. In fact, one or two banks have been doing exactly that for years.  Nobody ever forced a UK bank to keep current (or other) accounts open if the holder moves abroad. However, whilst we were in the EU, the banks' mandatory FCA licence enabled them to do so, without having to acquire any further authorisation in any of 27 countries. This arrangement ends in a few days time, alongside the ability of our entire Finance Industry to provide their Services in any EU country without additional licensing and approvals. 
  • edited 27 December 2020 at 12:11AM
    ThrugelmirThrugelmir Forumite
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    edited 27 December 2020 at 12:11AM
    colsten said:
    Banks provided current accounts to residents of the UK. The fact that people subsequently moved elsewhere is another matter. 
     This arrangement ends in a few days time, alongside the ability of our entire Finance Industry to provide their Services in any EU country without additional licensing and approvals. 
    The UK's domination of the global banking sector ended in 2008. US banks are the big players these days. 
  • ThrugelmirThrugelmir Forumite
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    Mickey666 said:
    Hmm.  According to this, London was top dog in 2018: https://www.cityam.com/london-remains-top-world-global-financial-services-says/
    But I think it has dropped back to 2nd since in the last couple of years and Brexit isn;t going to help matters.  Still who cares about a bunch of highly paid bankers . . . er, except that the City represents nearly one quarter of UK GDP.
    So while the fishermen are moaning about their relatively trivial industry being badly affected by the Brexit deal, anything that hits the City will - like it or not - affect all of us rather more than a few bob on our Friday fish & chips.
    Financial services covers a whole spectrum not just banks. Shame so of them many are now owned by overseas investors. Late in the day to be concerned. No one cares about UK companies anyway, preferring global trackers with no UK exposure. 
  • colsten said:
    Do you have a reference for the promises that nothing would change, I think the whole point was that a lot would change wasn't it?
    Daniel Hannan, former MEP and now Lord Hannan for his support to Brexit, is famous for his false "nothing will change" Brexit promises. Like the one where he said that nobody is threatening the UK's place in the Single Market. If we had stayed in the SM, our Financial Services companies wouldn't have lost their passporting rights, and countless numbers of people wouldn't be at the receiving end of this current account chaos. Though I suppose, he was, sort of, right, as nobody ever threatened the UK regarding their place in the Single Market. We withdrew voluntarily, in an act of stupefying self-harm.

    As an aside, Hannan is also famous for tweeting that Covid-19 will not kill you.




    I was hoping for a less niche quote, never head of the bloke personally, but in true political style promotions in order for those too incompetent to act at a lower level (well removal at least). 
  • colstencolsten Forumite
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    I was hoping for a less niche quote, never head of the bloke personally, but in true political style promotions in order for those too incompetent to act at a lower level (well removal at least). 
    Sorry, can't help it if you don't know key politicians involved in the Brexit project. As I said, Hannan was an MEP for 19 years and has recently been given a lifetime peerage for his Brexit efforts.

    Let's decamp to a place where politics is discussed, so that this thread can get back to discussing UK current accounts for people living in the EU.
  • retiredinfranceretiredinfrance Forumite
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    This is an interesting conversation and like so many others, I know we will not be better off.
    HSBC are not exactly helpful. It is a bit of a Catch 22 situation. We can only contact a vague call centre.  So we await stuff in the post. 
    I went online this morning and changed two items to our savings account and it felt very good to be in control of something.
    Starting Bank sadly is not an option as only UK residents are accepted.
    I have seen that the Cooperative Bank will accept EU residents, as will Virgin Money, but I will not start another attempt until we have exhausted the HSBC process. 
    Again, that for your support and all advice is welcome.
    Stay safe everyone.
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