A leading bank is to shut down all British expat accounts in a decision that could leave some customers unable to access their pensions or savings. British people living abroad in the UK may no longer be able to carry a Barclays UK current or savings account. The bank has started a review of its international offerings in 2021, following a review of the bank's international offerings. Following the decision, it has now written to affected customers, giving them six months to react to the decision. Although wealthy individuals may have the option to open a global account with Barclays, they must maintain at least £100,000 in the account to avoid a monthly charge of £40.
Barclays said UK products are designed for customers living in Britain. The Financial Conduct Authority ruled on Barclay's decision as a commercial decision and said banks are allowed to set their own rules on customers. Several customers have voiced their disapproval, including Professor David Barker, 89, who moved from London to Australia in 1988.
In April, Professor Barker and his wife received a letter from Barclays. He was told that he would be able to re-register at their daughter's UK address.
However, earlier this week, his lawyer received a phone call saying that the advice he received was wrong and his account would be closed. We are concerned about the way Barclays is handling it, he said. I couldn't believe that we would get a call saying we would be debanked. It added that the account was the basis of the family's finances and that they had to move all the money out of their accounts by November 24.
With more than one million Britons living in Australia, it is a significant percentage of Britain's population. The move from Barclays follows similar actions by rival banks. Lloyds Bank Group told 13,000 European expats in Europe that their accounts would be closed in Britain in 2021. Under the changes, people with cash ISAs and fixed-rate bonds would be able to maintain their accounts if they lived in Slovakia, the Netherlands, Italy, or Estonia. The same rule applies to loan and mortgage holders in the UK wing of the bank, but some existing home loan customers may not be able to remortgage after the end of their current term.