Page 19 - The Portugal News - Online Edition

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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 info@blacktowerfm.com.
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.