British expats in EU need “sufficient warning” from UK banks if accounts will be terminated
29 September 2020
There have been reports that customers of UK banks living in the European Union have begun to receive letters informing them that their current accounts will be closed once the transition period with the EU ends on 31 December 2020.
Rt Hon. Mel Stride MP, Chair of the Treasury Committee, has asked Chris Woolard, Interim Chief Executive of the Financial Conduct Authority (FCA), to set out:
- His expectations for how much notice firms must provide such customers with should they decide to close their customers’ accounts
- How he intends to make sure that firms do provide customers with sufficient notice prior to account closures, to allow those affected to make suitable arrangements
Commenting on the correspondence, Mr Stride said:
“Many British expats in the EU are being told that their UK bank accounts will be terminated at the end of the year.
“It’s vital that they’re given sufficient warning so that they have time to make alternative arrangements.
“I’ve asked the FCA what length of notice period it considers sufficient, and how they make sure that firms adhere to it.”
Image: Parliamentary copyright