In a recent report, Barclays, a top UK bank, has allegedly enforced new regulations that can cause challenges for British expatriates who have accounts with the bank from accessing their savings and pensions.
According to the report, Barclays Bank announced on Friday that it would no longer extend its banking services to British people who live outside the United Kingdom. This implies that expatriates who have accounts with the bank won’t be able to access their financial transactions as the decision will impact them profoundly.
In addition, Barclays has been reported sending notices to its customers that are affected, warning them of potential account termination. The report revealed that the bank made the decision because of a thorough evaluation the bank initiated on its international banking operations in 2021.
As it had planned before executing the evaluation, the financial institute is currently notifying its foreign customers of the latest development, which would cause some significant changes in the firm’s standard operation protocol. Hence, Barclays gives affected customers six months to adapt and react to the new terms and conditions.
Barclays To Close Down Foreigners’ Accounts
However, in the announcement, the bank stated that an expatriate who is part of the affluent segment of clients could consider opening a global account as an alternative to their accounts that would be closed in six months.
According to the report, the global account offers many enticing prospects, which include seamless procedures to manage multiple accounts and online banking. The Barclays spokesperson stated that a user of this account must ensure that a minimum of £100,000 remains in his account or be ready to pay about £40 every month.
Experts pointed out that the latest movement of Barclays Bank mirrors its determination and commitment to optimize its international banking services in order to improve its operations to a diverse customer community. Also, by issuing the warning now, Barclays’ loyal customers have ample time to decide their reaction and the subsequent movement they would be taking concerning their financial arrangements.
Previously, Barclays had reportedly claimed that its products in the United Kingdom are primarily meant for clients who reside in the country. In confirmation, the UK Financial Conduct Authority nodded to the bank’s decision, claiming that commercial banks have the freedom to create their customer requirement.
Customers Murmurs Ober Barclays New Measure
However, some clients of Barclays Bank have reacted to the new announcement from the bank, rejecting its decision. For instance, Professor David Barker, an 89-year-old man who moved to Australia from London in 1988, expressed his dissatisfaction with the bank’s choice vehemently. According to the report, the old professor and his spouse were stunned by the warning letter they received from Barclays Bank in April. However, the bank official told the couple they can re-register their accounts at their daughter’s house in the UK.
Expressing his horror, Barker said they were deeply worried by how Barclays is handling their predicament, adding that he couldn’t believe the bank had sent him a cold call telling him he would be debanked.
Commenting on the new development, a representative of the UK Financial Conducts Authority stated that lenders have the primacy and right to create their standards and protocols about their account holders’ domicile while simultaneously obeying relevant legislation and rules guiding its operation and services offered to foreigners.
In addition, he said a UK commercial. Anks has the jurisdiction to decide whether they want to continue to extend their services to clients offshore or not, as it is their call. However, it is crucial that they must implement suitable measures and protocols that treat customers fairly. Also, he added that they must give adequate room for clients to adapt to any new legislation the bank makes.
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