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Have financial advisers and banks abandoned British expats because of Brexit rules?
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British expats living across Europe are being “routinely abandoned” by financial firms due to Brexit red-tape and complications, it has been revealed.
According to deVere Group, many UK banks and financial advisory companies are now unable or unwilling to work with British nationals, many of them pensioners, who live in the EU as industry rules have changed following the UK’s exit from the bloc, causing “distress, anguish and potential financial loss.”
There are more than 1.3 million British expats in Europe, according to official estimates. However, the true figure is likely to be considerably higher as many do not always register with their new country of residence.
“Most British expats in Europe maintain strong financial links with the UK, but in the wake of the implementation of new Brexit rules and regulations, tens of thousands have been routinely abandoned by their financial services providers, such as advisers and banks,”
says James Green, Regional Manager of deVere Europe, part of one of the world’s leading financial advisory and fintech organisations, deVere Group.
He explains: “Pre-Brexit, UK-based financial advisers were legally allowed to advise expat clients in Europe through a system known as ‘passporting.’ But since the UK’s exit, those legal rights for UK-based companies have been revoked.
“Following a transition period, since 1 July 2021, only those advisory firms that comply with local laws and regulations in each EU nation in which they operate are able to give financial advice to people resident in those countries.
“This has meant that many UK-based advisory firms have been forced to ditch their expat clients as they are not now legally compliant to give advice in European Economic Area countries.”
Where does this leave clients?
“Clients typically build-up a long-term relationship based on trust and rapport with their financial advisers. They work closely so the client can reach their long-term financial goals for themselves and their loved ones.
Life throws up some complications from time to time. Brexit is one of these complications.
But if a British Citizen living overseas cannot handle this change then my advice to them is to pack up and go home.
As a British Citizen myself I have been affected by limiting the time I can spend in Hungary, the fact I need to get Schengen visa insurance etc etc. Its a pain in the neck to be honest but its MY choice to travel and MY choice to chose where I am based so I will just get on with it.
For me personally Hungary is a fantastic place to live. Lets hope Orban is still prime minister after the elections!
There is a misspelled word in the title of this article. The word should be spelled abandoned. I highly recommend using a spell checker before publishing your articles.