Does EU Directive 655/2014 (Account Preservation Order procedure to facilitate cross-border debt recovery) apply to Jersey after Brexit?

[Marie Manila]

Hi there,

I intend to open an account with HSBC Jersey and invest a larger part of my liquid assets there.

In the EU, there is EU Directive 655/2014 which allows the blocking and seizure of accounts within the EU under a simplified procedure. Does anyone know if this will also apply in Jersey after Brexit?
I know that in many neighbouring countries (such as CH, Norway, etc.) the so-called Lugano Convention is applied, which for the most part complies with EU Directive 655/2014.
However, the UK did not join the Lugano Convention after Brexit.

I know that relying on the non-agreement of EU Directive 655/2014 isn't bulletproof, but I want to make it harder for the European taxman (or anyone else) to sue me or block my accounts.

 

[Martin Everson]

The UK was never part of the 655/2014 European Account Preservation and therefore brexit has no impact. The UK government as a major financial centre were not stupid and had opted out of it along with Denmark - (50) and (51). It states this clearly in the regulation text.

----- Quote start

(50)

In accordance with Articles 1 and 2 of Protocol No 21 on the position of the United Kingdom and Ireland in respect of the area of freedom, security and justice, annexed to the TEU and to the TFEU, and without prejudice to Article 4 of that Protocol, the United Kingdom is not taking part in the adoption of this Regulation and is not bound by it or subject to its application.

----- quote end

 

[Forester]

Well, this party seems to be over, nevertheless I have just recalled it now – in this context What countries still have relatively good banking privacy?.

Quite recently, I was confronted with the fact that there is some demand in the UK for reciprocal enforcement of judgments, and consequently, the Hague Choice of Court Convention (2005) should be of concern. A nice reading on this can be found e.g. here Enforcement in the EU: UK blocked from Lugano, what now?

Taking into account that in addition to this the legal framework at British Crown Dependencies is quite specific, they have their own common law, I would rather consult a lawyer / consulting firm with some specific knowledge...

(@Marie Manila, it is not my intention to spread Fear, Uncertainity and Doubt here – just commenting...)

 

[wellington]

Answer here is to keep only a small sum in fiat

Once the entire system implodes and heads end up on stakes and a new banking cartel comes into place you’ll be able to trust the banking system to do what it’s meant to do - bank.