Thousands of Barclays customers will have their bank accounts closed as Barclays confirmed the move.
The bank will be closing bank accounts of Brits who no longer live in the UK, affecting thousands of expats who still have a current or savings account with Barclays.
Those impacted by the move will need to move their money before the accounts are closed in order to access their savings and pensions.
Letters were written to customers by Barclays, giving them six months’ notice of the change. Global accounts can still be opened with the bank but they will face a £40 monthly charge if they have a balance below £100,000.
A Barclays spokesman told The Mirror: “As a ring-fenced bank, our Barclays UK products are designed for customers within the UK.
“We will no longer be offering personal current or savings accounts to retail customers with addresses registered with us outside of the United Kingdom, subject to limited exceptions.
“We are contacting impacted customers to give them advance notice of this decision and explain the next steps they need to take.”
The move from Barclays comes following a review in 2021, and the banks says it will only impact a “small percentage” of customers.
Customers living abroad with a loan or mortgage with Barclays won’t be affected by the change, however they will not be able to apply for a new loan or remortgage with the bank while registered outside of the UK.
A spokesman for the Financial Conduct Authority told The Telegraph: “Banks may set their own requirements on country of residence for account holders and must comply with local law and regulation when serving customers outside the UK.
“Whether or not banks decide to extend services to customers outside of the UK is a commercial decision for them, but we expect them to treat their customers fairly, comply with equalities legislation, and provide adequate notice to the customer if they decide to close their account.”
If customers feel they have had their accounts closed unfairly they can complain to the Financial Ombudsman Service.
Complaining to the service is free.