news story: important guidance for customers living within the European Union (european)/ European financial enviornment (EEA)

news story

From 1 January 2021, you may also now not be capable of use a British checking account on your war Pension Scheme, military Compensation Scheme or armed forces Pension Scheme payments.

this is because the passporting preparations between the British and EEA banks are set to end on 31 December unless a new settlement is reached with the european. Passporting makes it possible for banks to give features to valued clientele in different states within the EEA without having any direct authorisation in those states. After the conclusion of this 12 months each and every UK financial institution will need to have a separate authorisation in every EEA country during which it operates.

Some banks have determined to shut accounts in countries the place they now not are looking to function regardless of no matter if the uk reaches a cope with the european, in case your bank has taken this determination, they should still have contacted you already. in case you haven’t already taken motion, you need to make new preparations now to allow us to continue to pay you.

Please examine further information at crucial tips for Veterans UK purchasers who are living overseas

published 18 December 2020