More UK banks to shut British expat accounts

jrlineton

I am confused by all the air about closing expat accounts.  As Northern Ireland (NI) remains in the single market, how can UK based banks provide services to residents of NI , which they do, with out Euro regulation?  Similiar the banks based in NI are regulated by the Bank of England (BoE) and not some Eurocrats, yet they can continue to offer services to the resident population of NI without problem.  Same queston concerning those international sterling accounts based in Gersey, Isle of Man, etc.  Where is the difference.  Why is it relevant how long you have had an account?

colsten

jrlineton said:

I am confused by all the air about closing expat accounts.  As Northern Ireland (NI) remains in the single market, how can UK based banks provide services to residents of NI , which they do, with out Euro regulation?  Similiar the banks based in NI are regulated by the Bank of England (BoE) and not some Eurocrats, yet they can continue to offer services to the resident population of NI without problem.  Same queston concerning those international sterling accounts based in Gersey, Isle of Man, etc.  Where is the difference.  Why is it relevant how long you have had an account?

It's called sovereignty. Countries in the EU/EEA can, and do, decide for themselves which banks can operate in their country and they are not subject to BoE regulations, or those of any other non-EU organisation or authority. This document might help clear up some of your misunderstandings.

eskbanker

jrlineton said:

As Northern Ireland (NI) remains in the single market, how can UK based banks provide services to residents of NI , which they do, with out Euro regulation?  Similiar the banks based in NI are regulated by the Bank of England (BoE) and not some Eurocrats, yet they can continue to offer services to the resident population of NI without problem.

NI is in the EU single market specifically for goods, not services, and obviously remains part of the UK anyway, i.e. it's a fudge compromise to allow these memberships not to be mutually exclusive....