Bank Services: British Nationals Abroad

Treasury written question – answered on 8th December 2020.

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Photo of Jeff Smith Jeff Smith Opposition Whip (Commons)

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that UK citizens living in (a) The Netherlands and (b) other countries in Europe are able to continue holding UK bank accounts after the conclusion of transitional arrangements for the UK leaving the EU.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The UK authorities have taken the appropriate actions to mitigate risks of disruption to cross-border financial services at the end of the Transition Period (TP), including confirming that the Temporary Permissions Regime will apply from the end of the TP. This will allow EEA firms currently providing services in the UK via a financial services ‘passport’ to continue operating after the TP while they apply for full UK authorisation.

However, the issue of whether UK firms can service EEA-based retail customers remains a matter of local law and regulation in each country. It may also be impacted by how firms are set up and what steps they have taken to continue to service customers. We expect banks to act lawfully and in accordance with local regulators’ expectations.

We also expect that banks work to ensure good outcomes for their customers and provide timely communications to enable them to make appropriate decisions. UK banking providers are expected to contact impacted customers if they need to make any changes to their product or the way it is provided.

We encourage customers with questions or concerns to speak to their service provider. There is also further guidance for impacted customers on the Money Advice Service website, which can be found here: https://www.moneyadviceservice.org.uk/en/articles/brexit-banking-insurance-finance

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