UK banks warn of account closures for customers in Spain and Europe

NOT FAKE NEWS

A clip from Moody’s interview with Christina Brady from Blacktower Financial Management.

She said:

“This is not fake news” – no Brexit deals cover financial products at present, meaning UK banks and UK financial advisors could lose ‘passporting rights’ to customers in the EU.

“Unless you have a UK residencial address, the banks will be doing it” – banks such as Barclays and Lloyds have begun warning customers that accounts without a UK residential address will be shut down either on 31st December or even 16th November. This mostly applies to credit cards, but some bank accounts too.

“Please act sooner rather than later, open a bank account now just put 50 pounds in case it all does fall apart” – Christina said online banks such as Revolut could helps Spain-based customers of UK banks.