After Brexit :: Should You Worry About Your UK Bank Relationship?

Has Your Bank in Britain Warned You that Your Account May Be Closed Because You Live In Greece?

As you are aware, December 31, 2020 is fast approaching and as Brits resident in Greece we still do not know what the scope of the relationship between the UK and EU will be next year and beyond.

A real bone of contention is the financial relationship and hinges on the role of the City of London.

How does that affect us as individuals with UK accounts?

For us Brits resident in Greece, but maintaining for convenience a bank account in the UK, what happens after Brexit from January 1, 2021?

Good question. The latest advisory from the British Consulate in Heraklion, hot off the press, so to speak, reads:

“You may have seen recent media coverage about some UK banks’ decision to close accounts belonging to EU/EEA residents, and we wanted to share the latest information.

Whether UK banks can service EEA-based customers after the end of the UK Transition Period is a matter of local law and regulation in each country, and may be impacted by how firms are set up and what steps they have taken to continue to serve customers. We expect UK banks to comply with the law at all times. If you are affected, your provider will contact you directly.

As we are unable to provide any financial advice, you should contact your bank or an independent financial adviser if you have any questions.”

From: Vice Consul | British Vice Consulate Crete

The advisory also stated that you can read more information that is available by visiting the UK Financial Conduct Authority website.

In the advisory two points were mentioned, commercial transactions and closing residents in EU accounts. Really a bit confusing.

Truthfully, after I scanned the page via the link referred to, I am still no better informed.

The British Government has set a deadline for a clear #Brexit decision in the days ahead whether there will be a deal or the United Kingdom exits under World Trade Organisation terms. But consider the fact that Boris has amended unilaterally the framework agreement he already had with the EU to their displeasure. So we have to wait the latest outcomes whether we can maintain a UK bank relationship or not. A lot of nail biting ahead, I may suggest.

Gerald/admin