If your client has an LV= protection, savings or retirement policy and they’ve moved to an EU country.
Please note our equity release loans are only available to UK resident borrowers who are occupying their property in England, Scotland or Wales.
We're very happy to continue to look after your client, and any policies they have with us, even if they live or plan to live in an EU country.
A small number of our members and customers live in the European Union/European Economic Area, or might be thinking of doing so.
Shortly after the UK officially left the EU, we sent a letter to these policyholders to acknowledge this and reassure them of a few things:
- Their policy conditions and benefits haven't changed.
- We’ll continue to run LV= from our offices in the UK.
- They won’t notice any difference in the way we communicate or in our standard of service.
- We remain a member of the Financial Services Compensation Scheme. This scheme protects consumers, wherever they live, against the failure of any UK authorised financial services business. More information can be found on the Financial Services Compensation Scheme (FSCS) website.
Our policy is that if your client plans to live overseas, temporarily or permanently, they should maintain a UK bank account. This is so we can exchange any money between us in Sterling. However, any existing payment arrangements will continue as agreed.
We’re aware that some UK banks have been in touch with their customers, who live outside of the UK, about closing their accounts and credit card facilities. If this does affect your client, they'll need to use another UK bank that can continue to provide this service for them after Brexit, either by:
- using an existing account they already have with another UK bank
- transferring their account to another UK bank
- opening a new account with a UK bank
If your client pays us by Direct Debit their bank should switch their existing Direct Debit over for them automatically, but please ask your client to check this with their bank to make sure. If we’re currently paying them monies, and they’re changing their bank details please ask them to get in touch to let us know their new bank details before the account they currently use is closed.
As negotiations with the EU continue, we’ll carry on monitoring the situation. If further developments directly impact your client’s relationship with us, we’ll contact them directly.
