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Brits in EU face closure of UK bank accounts over lack of post-Brexit rules: report



A number of large British banks are set to stop serving U.K. citizens resident in the EU as the government has not yet negotiated post-Brexit rules, the Sunday Times reported today.

Lloyds, Barclays and Coutts have started warning EU-based customers they will stop serving them at the end of the year, according to the newspaper.

If pan-European banking rules no longer apply to the U.K. once the Brexit transition period ends on December 31, it would become illegal for U.K. banks to provide services for British customers in the EU without applying for new banking licences. So far, no new arrangement has been agreed.

Lloyds, one of the country’s largest banking groups, told the Sunday Times that 13,000 customers living in the Netherlands, Slovakia, Germany, Ireland, Italy and Portugal will see their current accounts terminated by the end of the year.

Barclays, meanwhile, said: “The timings for account closure will depend on the type of product that a customer holds, but we will always give notice to customers.”

The U.K. Treasury told the newspaper: “We expect banks to treat their customers fairly and provide timely communications to enable them to make appropriate decisions,” conceding that “the provision of banking services is a commercial decision for firms based on a variety of factors, including the local law and regulation of specific EEA countries.”

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