French Resident, Brexit, and UK Policies Set Up From January 2021

Published / Last Updated on 15/07/2022

The French Financial Regulator introduced new rules starting when the UK transition period for Brexit ended on 31st December 2020.

As financial services was not included in the trade agreement, most EU nations have taken a relaxed view that you can still manage, change and switch your UK investments but France in particular has adopted a very strict regime until an agreement is reached between the UK and Europe on financial services.  There are 5 Memorandums of Understanding (MoUs) that are being worked on to set out how UK investments can be managed ongoing when you are an EU resident.  In short, we expect an agreement for ‘delegated authority’ when EU regulators etc will ‘delegate’ the authority of regulation for a UK pension or investment to the UK regulator and UK authorised advisers.

French Resident

This affects your ability to set up new policies, pensions or plans in UK from 1st January 2021.  As a French resident, you cannot, it is against French law.

Use a UK address?  This is not allowed.  The facts are the facts, if you are resident in France, you are resident and cannot claim to be resident elsewhere if you are not.

Resident In UK At The Time

If you took out a UK pension, investment, or life insurance protection policy after 1st January 2021 whilst you were still a UK resident and you have since moved or plan to move to France, premiums must stop as soon as you become a French resident.  It may only be possible to restart premiums if you leave France.

Impact of Premiums Being Stopping

If this means policies will cancel or reduce their projected future or maturity values, you will need to make alternative arrangements with EU firms that are permitted to distribute services in France.

Summary:  You are or become a French resident.

  • Existing schemes set up before 1st January 2021 can usually continue but only within the terms of the contract see video France UK Before 2021
  • Existing schemes set up after 1st January 2021 when you were a UK resident can usually continue, only within the terms of the contract and you must stop paying in.
  • New schemes:  you cannot set up new UK annuities, bank accounts, investments, life insurance protection schemes, private and company pension schemes or new flexible drawdown schemes.

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