Since then, Clarke has managed to get her supplementary pension into a Dutch account. This still does not apply to your British state pension. Everything is much slower due to the coronavirus, he thinks. “That causes me a lot of stress.”
In the event of a no-deal Brexit, UK banks will lose their license to offer UK checking and savings accounts to clients in the Netherlands after January 1, confirms De Nederlandsche Bank (DNB).
Last week, DNB placed a upgrade on the site, which indicates what services British banks, insurers and payment institutions can no longer offer as of January 1. DNB warns banks: “DNB expects the parties to take the necessary measures in time to ensure that they also comply with European and Dutch law after the transition period.”
In recent years, several British banks have established offices on the European continent and obtained the so-called “European passport” to continue providing services in the event of a no-deal Brexit.
But that means customers have to be transferred to that European branch. Lloyds and Barclays have that European passport, but they don’t choose to transfer clients to the Netherlands on time.
“Wherever possible, banks want to continue offering their services to customers living in the European Economic Area,” said a spokesman for UK Finance, an association of British banks. “The impact on a customer depends on how the bank operates, what product or service it offers, and the laws and regulations in the customer’s country of residence.”
The rules are not the same in all EU countries, because the legislation is different. DNB emphasizes that the stricter rules in the Netherlands have nothing to do with Brexit. The rules were in place before it became clear that the UK would leave the European Union.
What about the other way around?
Dutch banks with clients in the UK do not have this problem. Banks operating in the UK before Brexit could apply for a temporary license. This allows them to remain active in the UK in the same way for up to three years.
During that period, they must go through a process to obtain a British permit. The Dutch banks for which this is relevant have registered.
Brexit negotiations between the EU and the UK are going smoothly. It increases the possibility that it will not be possible to reach an agreement so that a hard Brexit can no longer be prevented on January 1.
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