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Post by webbski9 on Aug 14, 2019 17:29:41 GMT
When UK leaves the EU ( 31/10) will UK residents be allowed to open, ( or more importantly ), retain accounts in Euro p2p companies ?
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IFISAcava
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Post by IFISAcava on Aug 14, 2019 18:04:31 GMT
When UK leaves the EU ( 31/10) will UK residents be allowed to open, ( or more importantly ), retain accounts in Euro p2p companies ? If
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Post by webbski9 on Aug 14, 2019 18:44:45 GMT
Any ideas "If " ??
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IFISAcava
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Post by IFISAcava on Aug 14, 2019 18:55:54 GMT
I don't know, no one can know what will happen as current plan is to leave without agreeing anything about anything. I would guess that anything existing would stay as is, and new investments might be paused pending whatever happens (like what happened with Mintos recently). But that's just uninformed speculation my part really.
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mrk
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Post by mrk on Aug 14, 2019 19:01:35 GMT
Each platform already seems to have slightly different rules. Some specifically require being a EU citizen, others only mention having a bank account in the EU. And Mintos has currently suspended UK investors anyway. Good luck with predicting what they'll do in case of Brexit. |
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Post by goat on Aug 21, 2019 15:44:40 GMT
I would probably not put too much weight on whether they leave or not. Instead, FCA is the big "If" as seen with Mintos.
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Post by charlata on Aug 21, 2019 19:38:26 GMT
If blondie gets his way and we leave on 31/10, it will be with no deal.
This will send compliance offers across the continent into a lather, as how do you comply when there are no rules to comply with? So everyone will be making it up as they go along.
So cautious platforms will probably block UK investors, and gung-ho ones will carry on accepting them. Potentially leading you to conclude that you wouldn't want to invest in any platform that would accept you as an investor.
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p2pmark
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Post by p2pmark on Aug 22, 2019 6:28:56 GMT
... This will send compliance offers across the continent into a lather, as how do you comply when there are no rules to comply with? So everyone will be making it up as they go along. What makes you say this? The sites aren't regulated by the FCA anyway, so why would anything be different? Each platform already seems to have slightly different rules. Some specifically require being a EU citizen, others only mention having a bank account in the EU. I think this is mainly about SEPA. This won't be affected by Brexit no-deal: www.europeanpaymentscouncil.eu/news-insights/news/european-payments-councils-decision-paper-brexit-and-uk-psps-participation-sepa). Also note that I've asked a number of euro p2p platforms and they all say they don't see why Brexit - deal or no deal - would make a difference.
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agent69
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Post by agent69 on Aug 22, 2019 8:30:11 GMT
Potentially leading you to conclude that you wouldn't want to invest in any platform that would accept you as an investor. Pretty much the same situation that exists today then?
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