Barclays Closing the Accounts for Ex-pats.

[JohnD]

I am not sure what exactly 'passporting rights' means

i understand it to mean that an EU bank that is licenced in any EU country, is given the benefits of being licenced in all other EU countries.

Since UK banks are no longer licenced in an EU country, they lose those benefits at the end of the transition period.

It's very much like the idea that if you are, say, a Chartered Engineer in one EU country, and recognised as a Eur. Ing., you can ply your trade in other EU countries without having to spend seven years gaining new qualifications in that country.

No doubt our government will sort this out in a few days. After all, it's the easiest deal in history, and we hold all the cards.

Nicht wahr?

 

[EFLImpudence]

Mmmm. Not sure the engineer is the same.

Does it mean all call centres will have to be in the same country or they can't be paid?

 

[transam]

My mother has an account in the UK but she is not an x pat or a UK citezins

Think it is Barclays tbh

 

[JohnD]

Mmmm. Not sure the engineer is the same.

mutual recognition of equivalent standards

seems a similar principle to me.

 

[EFLImpudence]

...but the UK bank doesn't have to go to Europe to handle an ex-pats money.

Just the converse of someone in the UK buying something on ebay from Europe - or vice versa.

 

[JohnD]

does a Somali bank have the right to provide banking services to a person resident in the UK?

Who regulates the Somali bank and can close it down for money-laundering or fraud, or facilitating evasion of UK tax? or will compensate the customer if the bank goes bust? Who will fine it for, say, Payment Protection Insurance fraud, and make it repay customers?

is a bank in Somalia subject to UK laws? Who will enforce them?

if there is no agreement between UK on how to manage and authorise banking services?

 

[EFLImpudence]

If you or any other British person wants a Somali bank account and agrees to whatever conditions they have - or have not - then why not?

 

[JohnD]

Do you have an opinion on the answers to any of these questions?

does a Somali bank have the right to provide banking services to a person resident in the UK?

Who regulates the Somali bank and can close it down for money-laundering or fraud, or facilitating evasion of UK tax? or will compensate the customer if the bank goes bust? Who will fine it for, say, Payment Protection Insurance fraud, and make it repay customers?

is a bank in Somalia subject to UK laws? Who will enforce them?

if there is no agreement between UK on how to manage and authorise banking services?

 

[SirGalahad]

If you or any other British person wants a Somali bank account and agrees to whatever conditions they have - or have not - then why not?

https://www.bba.org.uk/wp-content/uploads/2016/12/webversion-BQB-3-1.pdf

It's a good read for the uninitiated!

The EU passporting system for banks and financial services companies enables firms that are authorised in any EU or EEA state to trade freely in any other with minimal additional authorisation. These passports are the foundation of the EU single market for financial services.

 

[JohnD]

that's all right then

we were assured that...