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Bank to close in UK due to Brexit, affecting hundreds of thousands

A fast-growing digital bank has announced that it will be closing in the UK, thanks to Brexit.

German bank N26, widely considered to be an alternative to Monzo, has said it will soon shut down all its bank accounts in the UK – affecting over 200,000 people.

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N26 currently operates in the UK through “passporting” rules, which allow financial firms in the European Union to work across borders.

However, thanks to Brexit, the firm would be forced to apply for a British banking license, which it says is too time consuming and costly.

A spokesperson for the company said: “As a European bank with a European banking licence, we would need to undertake complex regulatory measures and product updates in order to continue operating in the UK. A separate licence for the UK would require significant operational processes and costs.” 

N26 will close all of its UK bank accounts by 15th April and will ask its customers to find another provider.

Less than a year ago, the firm was signing up 1,000 new customers a day in the UK and announced a major UK expansion plan.

It looks like Brexit has p*ssed all over that parade.


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7 responses to “Bank to close in UK due to Brexit, affecting hundreds of thousands

  1. If they were recruiting by the thousand less than a year ago, they are either stupid or dangerous. We all knew Brexit was coming, why didn’t they?

    1. Because they trusted the Conservatives, the “party that looks after business interests”, not to be so mad as to go for the hard Brexit they are now choosing?

        1. No one is blaming the bank. They are blaming Brexit. The loss of jobs and knock on effect is going to go on and on for decades to come.

  2. Brexit is all about the increase in red tape, tax, protectionism to restrict free trade.

    Millions of companies will have to pay for the passports, licenses etc.

    The PM wants to reduce the Corporation Tax to address this.

    The winners will be the large companies. Consumers and tax payers are loosing out big times.

  3. As the CEO of a digital banking solution, I can tell you that our provider knew and accepted that Brexit was going to happen and it will not effect our position. There is an underlying story here that no one is being told. As far as 1000 new customers a day, that is as far fetched as it comes. Where is the proof. We had a plan A and plan B in place. The license issue is not something that would take more than three months if they were totally prepared for it and if not, 6 months. The costs against what they are claiming would be minimal. This story does not make sense on any level. But good luck to them if they are leaving. In the meantime, while all the nay-sayers are still crying about it, the time has come to accept that it is coming and prepare for the transition.

    1. I would really like to know HOW I should prepare for being made homeless, possibly deported from a Warm, inclusive and welcoming climate to the Land Of Hate and Tories! Exactly WHAT preparations should I make for the loss of my support networks, friendly relationships, home, lifestyle? How DO I adapt to the theft of my Legal Rights on which I have based my final years? WHY should MY life be Wrecked by Wrexiters most of whom have, in all likelihood, never even VISITED the Country that is now my home? And If I DID have the misfortune to still live in the Septic Isle, HOW should I prepare for a loss of career, income, reputation, stability, security and peace of mind?

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