Local Pensions Partnership Administration (LPPA) is encouraging Members who are living overseas to check with their UK banks and building societies to make sure their accounts won’t be closed, as a result of the Brexit transition period.
It’s been reported that thousands of UK expats, who are living in Europe, have been hit by many banks deciding to close their accounts following the Brexit aftermath at the end of 2020.
More than ten UK banks, building societies and credit card firms have since made the decision to close the bank accounts of their British customers who are living across Europe. This includes Barclays, Lloyds and Nationwide Building Society. Customers most affected include those living in Belgium, Italy and Portugal, as well as Estonia and Slovakia.
Meanwhile, it’s been reported that European banks are taking advantage of the situation by hiking the cost of sending money overseas from British bank accounts.
Janet Morville-Smith, Head of Risk and Compliance at LPPA, said: “We feel that it’s important to keep our overseas Members informed about what is happening in the UK, especially during this time and the aftermath of the Brexit transition period. We would therefore like to encourage all our Members living abroad to contact their UK banks to make sure their accounts are safe and won’t be closed. Also, if you are a UK Member who knows another pension Member, or family member or friend that does live abroad, please pass that message on.
“Banks should be contacting all their customers about this and offering help, support and guidance about what they should do when it comes to moving and revamping their finances. However, there are those banks that may not have the most up-to-date contact details of their customers, especially those who have moved abroad. So our message is this: contact your bank, and don’t wait to be contacted.”
