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EU residents with UK bank accounts

There has been a lot of UK press coverage relating to Britons living in the EU who may have their UK bank accounts closed by the end of the year if the UK government fails to agree a post-Brexit trade deal.

The situation is evolving and we are looking at the solutions we can provide so we can continue to provide payments to our customers, if this happens. Where possible, banks want to keep providing banking services to customers living in the EEA after the transition period. The impact will vary depending on the operating model of their bank or provider, the product or service being provided, and the legal and regulatory framework in the country in which you are resident. Anyone resident within the EEA should be contacted by their bank to inform them of any changes to the services they receive and any actions they need to take.

The UK formally left the EU on 31 January 2020, and is now in the 11-month ‘transition period’ until 31 December 2020. During this period, the UK must secure a new trade agreement and other aspects of the UK-EU relationship.

Although the UK is no longer an EU member, the trading relationship remains the same during the transition period, and it will continue to follow the EU's rules. As such, it’s very much business as usual for us, our advisers and our customers.

We will continue to closely monitor developments throughout the trade negotiations - as we have done over the last few years - to ensure we are prepared for all potential outcomes.

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 Brexit  - whatever the final outcome - will have minimal impact on our existing operations, and we will be able to continue to service your policies and investments.
  • 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