Landsbanki group calls for expat access to UK accounts

clock

British expats and those living in Guernsey should be able to open bank accounts on the UK mainland following the collapse of one of Guernsey's high street banks, says Landsbanki Guernsey Depositors Action Group (LGDAG).

Landsbanki Guernsey collapsed on 7 October leaving depositors in the bank without 70% of their savings. "About 94% of depositors are British and lots had accounts with Cheshire Building Society Guernsey [before it became part of the Icelandic bank] and are not tax-dodging millionaires!" says Neil Dickens, chair of LGDAG. Speaking at the Treasury Select Committee's Banking Crisis Enquiry, Dickens says the action group would "like to be able to open accounts in the UK so all the UK can be treated the same-fairly and equally". Only two out of 57 banks allow British expats to place money ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Offshore Investment

New awards will celebrate excellence in Channel Islands financial services

Entries now open - deadline for submissions 8 June 2016

Professional Adviser
clock 17 March 2016 • 1 min read

Who won at the International Fund & Product Awards 2015?

Canada Life International, Schroders, and Old Mutual International among winners

Professional Adviser
clock 08 October 2015 •

Revealed: Winners of the 2015 Fund Services Awards

Firms offering services to asset managers honored at gala dinner

Professional Adviser
clock 08 October 2015 •