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EU residents with UK bank accounts

We are aware that some UK banks have announced that they will be closing UK bank accounts for UK Nationals living in certain EU countries where they do not have a license to provide banking services.

Our policy is to generally only pay withdrawals to, or take contributions from, UK bank accounts. We would therefore encourage anyone resident within the EEA to check with their banks and, where their account is closing, to set up an account with a different UK bank that will allow account holders resident in the country they live in. You can find out further details about our options for contributions and withdrawals in our Questions and Answers below.

Our focus is always to deliver good outcomes for our clients in whatever political or regulatory environment. Throughout the Brexit process, our view has been that it’s in the best interests of investors for the government to move as swiftly as possible to a conclusion to give certainty to markets. We now know that although a trade deal has been agreed, there is very little which relates to financial services and nothing which would change the impacts of Brexit and our plans to address them outlined below.

Whatever the final outcome

You may have questions about what this means for you as an investor with Old Mutual Wealth, and there is a Q&A below. However here are the main points we want to emphasise:

  • Most importantly, we’re pleased to say that your account will be unaffected by Brexit. You will still be able to exercise the options on your account in line with your Terms and Conditions, and we will continue to administer it as we do now.
  • It’s possible that there may be some uncertainty in the economy and markets, but it’s important to remember that all investments can go up and down in value over time. The basic principles of long-term investing remain the same – short-term falls do not necessarily impact on long-term goals. If you do have any concerns regarding the ongoing suitability of your investments, your professional financial adviser is best placed to discuss these with you.
  • It may take time for all implications to become clear and some things may change. Our focus is on supporting you and your adviser. We will keep you informed of any changes here, and contact you directly if required.

Stop and think: Stay safe from scams

Even though you may not be directly affected by EU withdrawal or a no-deal scenario, during this time of heightened political uncertainty the risk of financial scams or other frauds is very real. Take 4 minutes now to protect yourself and keep finances safe and secure, by visiting our dedicated stay safe page on Quilter.com.

Stay safe from financial scams