Fineco Bank pulling out of the UK

FirstUser

Just had another look through the Q&A, it does seem like they are open to accepting overseas account holders, and I have just confirmed with their helpline that non-resident accounts will have access to FinecoX. Problem solved 
 but will involve some faff to open (in person, in Italy.. can think of worse things in life), and possibly some juggling around with double taxation agreements. 

skercaty

I am looking at getting this bank account. Will I be excluded because I live in the UK? I thought the idea was that you could live in any country.

wmb194

skercaty said:

I am looking at getting this bank account. Will I be excluded because I live in the UK? I thought the idea was that you could live in any country.

Yes. At the end of this month it's pulling out from the UK so I'd be surprised if it even allowed you to open one via the website. However you might be able to open one if you travel to Milan to do it: see the post above yours.

If you read back through the thread you can see the discussion but essentially from c.01/01/24 it no longer has a licence to operate here and it will probably enter a wind-down of UK customers' accounts i.e. for some period, which could be years, it'll allow withdrawals and sales but not new deposits or stockbroking positions. 

Given it's the 5th of December I'm surprised we haven't been given more details of what's going to happen and when.

Edit: Just looked at its website and it has a note, "...FinecoBank will close its UK business. Starting September 19, 2023 we will no longer open new accounts in the UK."

wmb194

Fineco's finally announced what's going to happen.

https://images.fineco.it/cms/mail/immagini/2023/docs/Letter_Client-Disclosures_UK_23.pdf

Zanderman

There seems to be no mention of the process for current accounts in that Fineco document? Or did I blink and miss it?

Edited to add: I suppose this covers current accounts:

• Tell us when you want to close your account(s): You can close your account(s) with us at any time – provided you do not have any cash or assets left in your account(s) – by giving us one working day’s written notice to support@finecobank.com (see clause 18.2 in your Terms of Business), where a ‘working day’ is a day other than a Saturday, Sunday or bank holiday in either the UK or Italy. You will not be charged any fees in connection with closing your account(s). 

wmb194

Zanderman said:

There seems to be no mention of the process for current accounts in that Fineco document? Or did I blink and miss it?

Edited to add: I suppose this covers current accounts:

• Tell us when you want to close your account(s): You can close your account(s) with us at any time – provided you do not have any cash or assets left in your account(s) – by giving us one working day’s written notice to support@finecobank.com (see clause 18.2 in your Terms of Business), where a ‘working day’ is a day other than a Saturday, Sunday or bank holiday in either the UK or Italy. You will not be charged any fees in connection with closing your account(s). 

In the, "Deposits (inc. payments services)" section. It looks like business as usual until 24/11/24. Past this date if you've emptied your account I'd presume Fineco will close it anyway.

masonic

I for one am looking forward to the point at which my account will be closed without filling out the requisite paper forms in triplicate. I only opened the account for an incentive several years ago, and like many others, the process for closing it was far too onerous. Though little did I know the constant nagging emails asking me for further personal information would have made this the lesser of two evils.