Transferring an ISA from one provider to another whilst living abroad

badger09

eskbanker said:

juw8e7 said:

Seems unfair how the Banks haven't yet caught up to what the Government deem is ok. 

That's not an accurate characterisation of the situation at all!  I don't know exactly when the relevant provision about moving abroad was included in ISA legislation, but it was long before ever-increasing regulation made it practically impossible for UK banks to offer services to those who are overseas, so the situation has arisen from the government introducing more restrictions on the banks rather than the banks failing to keep up with something the government wanted to allow.

Having said that, it is still permitted to transfer between ISAs when abroad, as envisaged in the rules, but effectively this can only be done between accounts that are already open....

BIB
Included in the original ISA regulations 
(SI 1998 no 1870 Reg 10 2d)
https://www.legislation.gov.uk/uksi/1998/1870/regulation/10/made

juw8e7

Some interesting discussion and comments. I'm still curious as to what would happen to the fellow if he just went ahead and used a UK address anyway - how would they even know?

eskbanker

juw8e7 said:

Some interesting discussion and comments. I'm still curious as to what would happen to the fellow if he just went ahead and used a UK address anyway - how would they even know?

Applications for products from regulated financial services companies will entail ID checking, including proof of address, and this will typically be completed electronically using verification services provided by credit rating agencies.  Technically someone determined to deceive might be able to build up a footprint of financial activity based on using an address in a country they don't live in, but the prospects of getting away with it would be pretty remote and knowingly making false declarations about residency when applying for accounts is still fraudulent, so the penalties could be severe....

dunstonh

Hello all, has anyone had any success in transferring an ISA from one provider to another whilst abroad? 

It depends on the country of residence. If it's the US, EU, or another axis of evil countries, then forget it.      US FATCA puts everyone off. Plus, US citizens can use US courts to sue UK companies.   EU doesn't allow UK financial services companies to offer financial services to EU residents without having a physical office in the countries of the EU it wishes to operate it (or then get passporting permissions).   The rest are due to sanctions.

juw8e7

eskbanker said:

juw8e7 said:

Some interesting discussion and comments. I'm still curious as to what would happen to the fellow if he just went ahead and used a UK address anyway - how would they even know?

Applications for products from regulated financial services companies will entail ID checking, including proof of address, and this will typically be completed electronically using verification services provided by credit rating agencies.  Technically someone determined to deceive might be able to build up a footprint of financial activity based on using an address in a country they don't live in, but the prospects of getting away with it would be pretty remote and knowingly making false declarations about residency when applying for accounts is still fraudulent, so the penalties could be severe....

Such as?

Cant see determination being the factor if they've lived at said address.

I personally cant see the harm. Everyones a winner and no harm done. Not as if they're adding any more now is it.

It's the Banks that are the real Crooks at the end of the day!

eskbanker

juw8e7 said:

eskbanker said:

juw8e7 said:

Some interesting discussion and comments. I'm still curious as to what would happen to the fellow if he just went ahead and used a UK address anyway - how would they even know?

Applications for products from regulated financial services companies will entail ID checking, including proof of address, and this will typically be completed electronically using verification services provided by credit rating agencies.  Technically someone determined to deceive might be able to build up a footprint of financial activity based on using an address in a country they don't live in, but the prospects of getting away with it would be pretty remote and knowingly making false declarations about residency when applying for accounts is still fraudulent, so the penalties could be severe....

Such as?

Cant see determination being the factor if they've lived at said address.

I personally cant see the harm. Everyones a winner and no harm done. Not as if they're adding any more now is it.

It's the Banks that are the real Crooks at the end of the day!

If that's meant to be a considered perspective on how the law works, then good luck using that line in court! 🙄

juw8e7

eskbanker said:

juw8e7 said:

eskbanker said:

juw8e7 said:

Some interesting discussion and comments. I'm still curious as to what would happen to the fellow if he just went ahead and used a UK address anyway - how would they even know?

Applications for products from regulated financial services companies will entail ID checking, including proof of address, and this will typically be completed electronically using verification services provided by credit rating agencies.  Technically someone determined to deceive might be able to build up a footprint of financial activity based on using an address in a country they don't live in, but the prospects of getting away with it would be pretty remote and knowingly making false declarations about residency when applying for accounts is still fraudulent, so the penalties could be severe....

Such as?

Cant see determination being the factor if they've lived at said address.

I personally cant see the harm. Everyones a winner and no harm done. Not as if they're adding any more now is it.

It's the Banks that are the real Crooks at the end of the day!

If that's meant to be a considered perspective on how the law works, then good luck using that line in court! 🙄

The truth hurts Banker!