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            Personal Finance Section                                 brought to you by                          The Portugal News · 21 Nov 2020   Pub.

      Have you been left hanging

      by your bank?

      This year has thrown many a proverbial spanner in the works for UK expats

      and no shortage of additional bureaucracy, from the global pandemic and

      market fluctuation to the ever-nearing possibility of a no-deal Brexit.                                                   N     Manuela Robinson

           n the latest addition   solutions, you must review   and make sure that they are
           to the concerns for   your options as quickly as   performing in the best way
           thousands of expats,   possible and communicate   possible for you and your
      I several UK high street   your plans to your bank, or   family.
      banks are contacting their   risk your investments being   There are many investment
      clients to notify that from    moved to a custody account   advice providers, experienced
      4 December 2020,         and incur corresponding fees.  and primed to bring you
      investment and wealth    Additionally, this could   seamless solutions with no
      management services will no   cause some delays to   disruption to your long-term
      longer be available for EEA   execution services further   financial goals.
      clients.                 down the line, so it is   Whether you set your
      You may have received    imperative to act now.   objectives twelve months
      communication from your   While selling your assets   or twelve years ago, it is
      bank informing you that you   may seem like the quickest   important to keep that plan
      must either instruct them   solution in a very narrow   in mind and continue to let
      to transfer your account to   timeframe, do try to refrain   your money work for you
      an alternative investment   from a knee jerk reaction   towards your aspirations,
      service provider or sell your   and any rash decisions. The   even in times of crisis.
      assets by 4 December.    decision to liquidate should   However, be aware that
      With no guidance or advice   not be taken lightly, and   in times of uncertainty
      from the UK Banks as to   especially should not be   of unregulated advisers
      how best to proceed and   determined by a deadline   touting for the fallout of
      continue to protect their   beyond your control.   such communications from
      financial futures, many are   There may also be tax   the UK banks, often at the
      now finding themselves both   implications if you are   client’s expense.
      unsure of what steps to take   selling any assets, so it is   If you do make the decision   your investments fall into   clients with sterling,   Contact our office on +351
      next and overwhelmed by   important to seek advice   to move your investments   the wrong hands.    reputable advice for over   289 355 685 or email us at
      contradictory information   from a taxation specialist   then do ensure that you   We urge our clients to act   thirty years. We have robust
      and sales-centric solicitation.   or accountant should you   make sure the provider   with both caution and swift   solutions and a Brexit-proof
      The first course of action that   decide to pursue this.  is regulated and ensure   pragmatism. Through any   business, with our Portugal   Nothing in this article is
      you must take is to speak   Whilst being told by banks   that they are fully MiFID   long-term investment plan,   teams in the Algarve and   meant as an invitation or
      with your bank and ensure   to essentially move or sell   and IDD licensed. This   there will be obstacles and   Lisbon who are well-versed   inducement to invest in the
      that this communication   up your investments brings   information will be clearly   challenges, but there will   in the nuances of local   products mentioned. You
      is applicable to your    an additional hurdle of   displayed online; a few   always be a solution and   financial guidelines.   should always seek advice from
      circumstances.           personal administration,   minutes of background   industry experts to navigate   If you have been left hanging   a qualified financial adviser
      Once you have confirmation   this is a great opportunity   checks on the internet will   you through any uncertainty.   by your UK bank, we are a   who will look at whether these
      that you will no longer be   to review your investments   safeguard you from months,   Blacktower Financial   fresh pair of eyes and a safe   products are right for your
      serviced with investment   with a professional adviser   if not years, of difficulties if   Management has provided   pair of hands to help you.   personal circumstances.
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