British banks are withdrawing mortgages, savings accounts and credit cards from expats in Europe in anticipation of losing permission to operate on the Continent.
Banks are cutting ties with tens of thousands of UK citizens in the European Economic Area before Britain leaves pan-European banking rules, known as passporting, on December 31. Outside these regulations, it is illegal for banks to offer some services without applying for licences in each country.
Lawyers attached to the biggest banks have spent years poring over the different regulations of the 30 members of the EEA — the 27 EU countries, plus Liechtenstein, Iceland and Norway.
Given the complexity of the rules, some have found it is not worth getting licences everywhere. Different banks are taking wildly different decisions