Query regarding BREXIT changes

Morris

Well-known member
304 2
Hi, I have received an email from my broker (SpreadCo) informing me that due to the changes resulting from BREXIT, they will close my positions and my account on the 2nd of Feb 2021.

I am based in France.

Seems odd to me, as I am not aware of any regularetory changes taking place at the end of January.

Any ideas ?
 

MasterOfCoin

Experienced member
1,228 478
Hi, I have received an email from my broker (SpreadCo) informing me that due to the changes resulting from BREXIT, they will close my positions and my account on the 2nd of Feb 2021.

I am based in France.

Seems odd to me, as I am not aware of any regularetory changes taking place at the end of January.

Any ideas ?
Well.

Spread Co T&C's state:
'Spread Co Limited (Spread Co) and is directed at persons and entities resident in the UK only. If you are not a UK citizen or are non UK resident (or if you trade from outside the UK) you may be subject to laws other than UK law. Accordingly, if it is prohibited to make information on this website or any of Spread Co’s services available in your jurisdiction to you (by reason of nationality, residence or otherwise) such Services or any part are not directed at you. You accept that if you are resident outside the UK, you must satisfy yourself that you are lawfully able to receive the Services. Spread Co accepts no liability for any costs, losses or damages resulting from or related to the availability or content of the services to persons in jurisdictions outside the UK or to persons who are, or who are nominees of or trustees for, citizens, residents or nationals of other countries.'

Whilst Financial Services were largely excluded from the 'Brexit' negotiations, that was a deferment rather than an exemption.

Your broker is Registered in 'England & Wales' and has likely taken a commercial decision based on it's business model as to the longer term viability of doing business with clients that do not reside within it's own regulatory boundaries. Simple as that, really.

MOC.
 

Morris

Well-known member
304 2
It's a CFD account and I've had it over five years.

I've emailed them to query their actions, since none of the other brokers with whom I have accounts (Charles Stanley, LCG, Corespreads) have done this.
 
Last edited:

MasterOfCoin

Experienced member
1,228 478
Not that that will change anything, but you may at least get a clear reply, which would doubtless be of interest to many here.

I also use multiple brokers based in different jurisdictions. Some have made changes, others have taken a 'wait & see' stance, while a few more have not reacted at all.

Personally, I think we'll see a lot more things like this in the coming months as the consequences of Brexit manifest themselves into harsh reality.

Tough, basically.

Turkeys voted for Christmas and the oven has been pre-heated ready to bake them.

;)
 

Morris

Well-known member
304 2
I note that the email actually specifies the date of 31st of January 2020, which was indeed the end of the BREXIT deadline in the event of no deal between Britain and the EU.

"As you may already know, the Brexit transition period for the United Kingdom will end on 31 December 2020. Due to the changes that will follow, this affects how we can currently engage with some of our clients based in Europe so it’s important that you read this email clearly and ensure you take all relevant actions, as applicable."
 
 
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