Financial advice for UK expats nearing possibility of a no-deal Brexit
This year has thrown many a proverbial spanner in the works for UK expats and no shortage of additional bureaucracy, from the global pandemic and market fluctuation to the ever – nearing possibility of a no-deal Brexit. Here we offer financial advice for UK expats nearing the possibility of a no-deal Brexit.
Manuela Robinson Joint Country Manager
In the latest addition to the concerns for thousands of expats, several UK high street banks are contacting their clients to notify that from 4th December 2020, investment and wealth management services will no longer be available for EEA clients.
Communication from your bank
You may have received communication from your bank informing you that you must either instruct them to transfer your account to an alternative investment service provider or sell your assets by 4th December. With no guidance or advice from the U Banks as to how best to proceed and continue to protect their financial futures, many are now finding themselves both unsure of what steps to take next and overwhelmed by contradictory information and sales-centric solicitation. The first course of action that you must take is to speak with your bank and ensure that this communication is applicable to your circumstances.
Review your options
Once you have confirmation that you will no longer be serviced with investment solutions, you must review your options as quickly as possible and communicate your plans to your bank, or risk your investments being moved to a custody account and incur corresponding fees. Additionally, this could cause some delays to execution services further down the line, so it is imperative to act now. While selling your assets may seem like the quickest solution in a very narrow time frame, do try to refrain from a knee jerk reaction and any rash decisions. The decision to liquidate should not be taken lightly, and especially should not be determined by a deadline beyond your control.
Investment advice providers
There are many investment advice providers, experienced and primed to bring you a seamless solutions with no disruption to your long-term financial goals. Whether you set your objectives twelve months or twelve years ago, it is important to keep that plan in mind and continue to let your money work for you towards your aspirations, even in times of crisis. However, be aware that in times of uncertainty of unregulated advisers touting for the fallout of such communications from the UK banks, often at the client’s expense.
If you do make the decision to move your investments then do ensure that you make sure the provider is regulated and ensure that they are fully MiFID and IDD licensed. This information will be clearly displayed online; a few minutes of background checks on the internet will safeguard you from months, if not years, of difficulties if your investments fall into the wrong hands. We urge our clients to act with both caution and swift pragmatism. Through any long-term investment plan, there will be obstacles and challenges, but there will always be a solution and industry experts to navigate you through any uncertainty.
Blacktower Financial Management
Blacktower Financial Management has provided clients with sterling, reputable advice for over thirty years. We have robust solutions and a Brexit-proof business, with our Portugal teams in the Algarve and Lisbon who are well-versed in the nuances of local financial guidelines. If you have been left hanging by your UK bank, we are a fresh pair of eyes and a safe pair of hands to help you.
Contact our office on +351 289 355 685 or email us at
info@blacktowerfm.com.
Nothing in this arti
cle is meant as an invitation or inducement to invest in the products mentioned. You should always seek advice from a qualified financial adviser who will look at whether these products are right for your personal .
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