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Some UK banks will be closing their accounts to customers resident in the EEA at the end of the Brexit transition period on 31 December 2020. This page contains details of why this is happening, and what to do if your bank account is closed.
This is because the end of the transition period is set to change existing 'passporting' arrangements at the end of this year. Passporting enables banks to provide services to customers in other states in the EEA without having to get direct authorisation in those states. The current passporting in place is set to end on Thursday 31 December 2020 (unless a new agreement is reached with the EU).
As a result of this change, some banks are closing accounts in the countries where they no longer plan to operate.
If you’re a customer resident in the EEA, you may have chosen to have a UK account if you receive a pension, salary or other income payments in sterling, as you may find it convenient for trips home, or because you have found that non-UK accounts have fees or poor exchange rates for converting pounds into local currency. If you have now been told your bank account is closing, you need to take action to ensure any direct debit payments or retirement income payments can continue to be made.
Here are answers to some of the questions you may have if you are resident in the EEA and your bank account is closing. If you need to discuss your payment options please don't hesitate to contact us.
You should check what your bank intends to do. UK banks which have already decided they’ll close accounts for people living in the EEA, should have already contacted affected customers.
If you currently use your UK bank account to pay money to us, or receive money from us, you’ll need to take action. If you have another UK bank account, or you’re able to open a new one, let us know and you’ll be able to continue paying or receiving money in the same way as before. If you’re experiencing difficulties with changing your account please contact us as soon as you can and we’ll discuss the other payment options available to you.
We’ll have to stop making payments to you. We’ll only be able to restart, and pay any missing payments, when you confirm your new bank account or tell us how you want to receive your money. If you’re experiencing difficulties with changing your account please contact us as soon as possible and we’ll discuss the other payment options available to you.
We won’t receive contributions from you, so your policy benefits and any protection benefits you receive such as Life assurance could be impacted. You’ll only be able to restart contributions after you confirm your new bank account or agree another method. If your payments stop we will contact you directly. If you’re experiencing difficulties with changing your account please contact us as soon as you can and we’ll discuss the other payment options available to you.
Some plan options which are considered a new product or policy continuation may not be permitted after 31 December 2020. If you wish to discuss the options which you are concerned may be impacted, please contact us.