corto
Member of DD Central
one-syllabistic
Posts: 851
Likes: 356
|
Post by corto on Sept 21, 2020 12:57:12 GMT
|
|
macq
Member of DD Central
Posts: 1,924 
Likes: 1,192
|
Post by macq on Sept 21, 2020 13:54:28 GMT
My situation is somewhat inverse as a UK citizen with EU accounts. That currently looks ok.
Well yes, UK->EU will never be a problem.
The problem is only EU->UK because the whole regulatory structure around finance remains an unknown, and the industry has to anticipate the worst. There is of course a moral and legal duty to give their customers due notice, hence because they truly have no clue as to the likely position in December, they have to plan for the worst and kill off customers who they will no longer be able to serve in a worst case scenario.
Thought the NS&I cuts were bad - but now we have banks who plan to "kill off customers"
|
|
IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
|
Post by IFISAcava on Sept 21, 2020 14:32:32 GMT
My situation is somewhat inverse as a UK citizen with EU accounts. That currently looks ok.
Well yes, UK->EU will never be a problem.
The problem is only EU->UK because the whole regulatory structure around finance remains an unknown, and the industry has to anticipate the worst. There is of course a moral and legal duty to give their customers due notice, hence because they truly have no clue as to the likely position in December, they have to plan for the worst and kill off customers who they will no longer be able to serve in a worst case scenario.
We are now October. D-Day is December. Its not realistic to ask large, slow-moving, risk-averse banks to wait any longer to decide on a plan of action.
nothing about Brexit has been remotely realistic.
|
|
corto
Member of DD Central
one-syllabistic
Posts: 851
Likes: 356
|
Post by corto on Sept 21, 2020 14:34:16 GMT
My situation is somewhat inverse as a UK citizen with EU accounts. That currently looks ok.
Well yes, UK->EU will never be a problem.
The problem is only EU->UK because the whole regulatory structure around finance remains an unknown, and the industry has to anticipate the worst. There is of course a moral and legal duty to give their customers due notice, hence because they truly have no clue as to the likely position in December, they have to plan for the worst and kill off customers who they will no longer be able to serve in a worst case scenario.
We are now October. D-Day is December. Its not realistic to ask large, slow-moving, risk-averse banks to wait any longer to decide on a plan of action.
Well, the banks (as all companies) have actually been asked to prepare *ages* ago. I guess, that was their planning: See what the upper floor comes up with and if nothing, cut-off the lower ones ...
|
|
michaelc
Member of DD Central
Posts: 4,866
Likes: 2,762
|
Post by michaelc on Sept 21, 2020 15:13:53 GMT
There is at least some element of political pressure here. It will backfire as they won't lose their customers in the EU but they will lose plenty who supported brexit.
I'm soon to experience life as an expat in a non-EU country. I'm sure I'll manage.
|
|
corto
Member of DD Central
one-syllabistic
Posts: 851
Likes: 356
|
Post by corto on Sept 21, 2020 17:21:55 GMT
Well, the banks (as all companies) have actually been asked to prepare *ages* ago. I guess, that was their planning: See what the upper floor comes up with and if nothing, cut-off the lower ones ...
It is not possible for banks to prepare if there is no legislative framework.
You cannot prepare using vague government guidelines that could change overnight.
You cannot prepare using vague government guidelines if they are written by the untrustworthy fools that presently occupy Downing Street.
Banks are not guided by "upper floor". They are, first and foremost, guided by legal and compliance departments. "Upper floor" can dream up whatever they like, but it will eventually still have to pass legal and compliance.
Banks such as Citibank have been able to make arrangements because they have full control over their UK and European operations, and they have Retail operations in both UK and Europe, therefore it is largely an internal administrative matter for those banks.
Other banks may not have the same operating model. They may, for example, only have institutional operations in Europe.
Retail banking operations has always had a high regulatory burden, which has become even higher in recent years. If you don't have an existing retail banking operation in either UK or Europe its not that easy to start from scratch, and if you're a large bank its a very expensive proposition.
Thanks, Wallstreet I somehow expected you to spread Bull Excrement. Actually I agree with most of your statements, eg that banks can only do so much ..but what I said and meant is that they have planned for exactly what they are doing now; aware, too, that they may have been in waiting for better rules and doing better service. Some banks are also in better situations as you write .. that's already in the article, as is the hint that it may costs a lot to get a foot into a national EU market. With 'upper floor' I meant roughly what you called the fools in gov (the wider circus, not just #10). If they had done better, that had guided businesses, which then may have had better options. Good to see, that you see that. I will now have some Kefir.
|
|
