Why Brexitclaim?

At the same time the referendum in the UK took place, some British bank customers saw their European bank collapse. Since bank failures in Europe are protected by EU law and EC directives, bank customers from the UK were dragged into a situation most probably did not realize before.

Due to free trade agreements payouts for bank failure under the EC directives and deposit guarantee schemes can only be executed to a bank account in the European Economic Area, the EEA. Since the liquidation of a bank often takes more than two years, UK customers should already be considered as non EU citizens. It is very difficult to change a legal approach during negotiations, settlement and even in court of law.

Many UK customers got confused and many questions remain unanswered. It is a fact that short term challenges can turn into tangible problems.

As you can read further on this website in the article ‘The influence of Brexit on European bank failures’, UK citizens must open a bank account in one of the other 27 member states of the EU in order to qualify for a secured and insured payment from the European Deposit Guarantee Schemes. No matter what strategy or supplier you choose, it will always cost money to open a second bank account in another country. This is tangible financial damage. Damage we will claim with those who are responsible for the unprepared Brexit.

We don’t believe that Brexit is a mistake. We do strongly think that gambling with the future of an entire nation is risky business. Something that needs preparation and that is where the leaders and front-men of the Brexit campaign failed. It is predictable that in the long term a Brexit can create very positive and rewarding results for the UK. In the short term however, a Brexit creates insecurity, uncertainty and numerous financial challenges.

The UK currently has three internal pressure points; the health care system, the housing market and the pension system. Combined with minimal economic growth, raising unemployment and the overall frustration that comes from mass immigration, there is a lot to repair.

It is obvious that things must change. The price the individual Brit has to pay for this change is high. The first two weeks after the Brexit, the central bank of England made a reservation of 500 Billion Sterling to protect the UK banks and other financial institutions. These funds already vaporized and will be paid by the UK taxpayer. It will inevitably create inflation and maybe even higher taxes because that is how governments can control their debts.