Premier FX collapse – What to do next for customers

Research by the Alzheimer’s Society suggests that two-thirds of people who have sought financial advice have a lasting power of attorney (LPA) in place, but this, potentially, means a significant proportion of Brits do not have the protection that LPA offers.

Unfortunately, there is a common misconception among many expats (highlighted in a survey of UK expats conducted by Old Mutual International in 2017) that a spouse, child or financial professional can automatically sign documents and manage the welfare and monetary matters of a person who loses mental capacity. This is not the case; your family members could be left vulnerable should you become unable to manage your affairs without having LPA in place.

Good expat financial advice would generally advocate local legal advice to help ascertain whether or not an existing LPA, i.e. one that was drawn up in the UK, is valid in your location of residence. Generally speaking, however, common law jurisdictions will recognise a British lasting power of attorney, but it is always worth checking.

Good news for British expats who are hoping to prove that the EU Referendum Act 2015 unfairly discriminates against them and their decision to exercise their right to freedom of movement in the EU; they have won the right to launch an urgent appeal against the decision to not grant them a vote in the European Union referendum.

The move comes after Lord Justice Lloyd Jones, sitting with Mr Justice Blake at the High Court in London, earlier ruled that section 2 of the Act did not restrict their rights.

The appeal, which is being led by two British expats, is motivated by a desire to prevent Brexit; an event which would unduly affect the lives of the two million British expats who, should Britain leave the EU, face the possibility of having their lives severely disrupted, together with their plans for their expat regular savings. In fact, according to lawyers representing the expats, they face becoming “resident aliens”.