IMPORTANT
NOTICE

Fineco regrets to announce the closure of its UK business, despite the growth and the satisfaction of its customer base.

This decision is driven by the significant change in the regulatory landscape in the UK, after its exit from the European Union. In the new context, it would not have been possible anymore to maintain a capital light business model leveraging on Fineco Italian infrastructure. The Bank has been delivering all its services in the UK from its headquarter under a regulatory framework known as "Temporary Regime ". This model enabled to maintain a streamlined and efficient structure. This is no more possible as regulatory changes require a physical presence in the United Kingdom.

The closure of its business in the UK will be gradual without any disservice to the clients and with no material impacts on the numbers of the Bank.

Q&A

How can I transfer my securities to another provider?

You can transfer the securities held into your standard account to another broker by sending us a written and signed request attached to an email.

Please be advised that on the request you have to specify the details of your other account/broker, the email address of your other broker and the securities you want to transfer.

Please verify with the new broker if they are able to receive your securities and also be sure you also alert the new broker that an incoming transfer has been requested.

Be sure you put your hand-written signature on the request; you can then send it by attaching it on an email to support@finecobank.com.

The transfer is free of charge on Fineco’s end.

Is there a procedure for transferring the ISA account?

For ISA Account holders, you have two options regarding your cash/securities:

a) Be aware that this action will allow you to keep the tax benefits:

Transfer your ISA Account to another ISA Manager. In this case, we invite you to initiate the request with your new ISA Manager. We expect to receive the ISA transfer request directly from your new ISA Manager.

b) Please be aware that all this actions will lead to a loss of tax benefits:

Sell the securities and transfer the cash to Your Fineco Current Account or transfer the securities, to a different standard account. In the latter case, please, keep in mind to initiate the request with the new provider and that we expect to receive the transfer request from the new provider.

How can I close my Fineco account on my own?

Once your account is empty (i.e. containing neither cash nor custody assets), it will be automatically closed a few days after it reaches the balance of zero.
Please, be also aware that in case of cash and/or investments held into an ISA Account, the termination of the Current Account is subject to the termination or transfer of the ISA Account.

To close your account independently, please fill out the Account Closure Form and email it to support@finecobank.com.

I cannot access the account, what shall I do?

If you can access your account via the app but not through the browser because you've forgotten your password, please use the app to reset it since it's the quicker procedure.

Access the app and go to:

Menu > Settings icon in the top right corner > Fineco Codes > Password Change.

Alternatively, you can reset your codes using this link.

If you've forgotten your User ID, please email us at support@finecobank.com.

If you've forgotten both your Password and PIN or are unable to receive our SMS, please email us a hand-signed copy of this form.

Please note that digitally signed forms will not be accepted.

I can access the account but cannot receive the notification to confirm my identity and check it, what shall I do?

It’s possible that you've changed devices or uninstalled our app in the past. You’ll need to remove your previous device and register the new one.

To do this, please follow the instructions on our website by going to:

Home (Fineco Logo) > Account Management > Fineco Codes > Mobile Code > Have you changed or lost your device?

And follow the instructions. Please contact us if you experience any issues in removing the device.

I hold non-transferrable assets, what can I do?

If you are not able to transfer your assets to another provider there are two main options:

- You can sell them and transfer the cash to another account.

- If you hold at the relevant time assets that are Non-Transferable or you experience operational issues, please contact us in order to evaluate your situation. If we agree that these conditions apply, and you do not close your account(s) by 29 November 2024, you will be deemed to have consented to us holding all of your assets (including associated cash) after 31 December 2024 under the terms applicable to our Italian accounts.

Can I switch my existing UK Fineco account to another account within Fineco?

It is not possible to directly switch your existing Fineco account to another account within Fineco. But if you wish to maintain a Fineco account while residing outside Italy, you will need to contact a personal financial advisor in Italy and be physically present in Italy to sign the contract. For more information or to locate Fineco centers in Italy, visit the Italian Finecobank website at it.finecobank.com and follow the steps outlined there.

Will my account be still available during 2024?

Your account will continue to be available in 2024 (until 29 November 2024), however we will introduce service restrictions during 2024, as stated in our Communication in the table in section 3.

We would like to remind you that from 30 November 2024 your Fineco account will be available only for disinvestment operations and asset transfers (cash and/or securities) for a limited period, as, starting from 2 December 2024, Fineco is going to proceed with the closing of all bank accounts.

What restrictions will be introduced during 2024?

During 2024 we will introduce service restrictions, after the 29th of November 2024 the accounts will be suspended, and it will not be possible to do debit card or banking transactions (Outgoing wire transfers only possible by contacting customer service). For a detailed view of the restrictions that will be introduced in 2024, please visit the table at point 3 of our Communication.

Can I still request the Tax Claim on my foreign dividends (when allowed) after I close my account?

It will be possible to request the Tax Claim after you have closed your account. Fineco will then be able to provide you with the documents certifying the credit of the dividends and you will be able to request it autonomously.

How can I obtain a certification related to my closed account?

Once an account is closed, it is no longer possible to access your private area. If you need a certification related to your closed account, you can request it by emailing us at support@finecobank.com and, if available, we will send it to you for free.

What is the purpose of this message from Fineco regarding its UK business?

The purpose of this message from Fineco is to inform clients about the company's decision to gradually wind down its operations in the United Kingdom. This decision is not driven by financial challenges but by recent regulatory changes in the UK. The message reassures clients that their money and investments are fully guaranteed and outlines the transition plan to comply with the new regulations.

Why is Fineco planning to wind down its operations in the UK?

Fineco is planning to wind down its operations in the UK due to recent regulatory changes in the country. These changes require a physical presence in the United Kingdom, which conflicts with Fineco's international operational model that relies on a single centralized infrastructure located outside the UK.

What if I have additional questions or need more information?

We understand that you may have more questions or require additional information. Our dedicated support team is here to assist you. You can contact us by phone from Monday to Friday, between 8:00 am and 4:30 pm, at the number 0800 640 6667 if you're in the UK, or at +44 (0)20 7065 7555 if you're calling from abroad. At any time, you can write to us at support@finecobank.com, and we will respond as soon as possible.

Will my Euro Direct Debits still work?

Euro Direct Debits will continue to work until 7 July 2024, after that date it will not be possible to activate new SDD and the ones previously activated will stop functioning.

Can I still use my Fineco Debit Card?

The cards not expired will continue to function until 29 November 2024, but starting from 31 March 2024 the debit cards that will expire will not be renewed or re-issued.

FinecoBank S.p.A. - Registered Office Piazza Durante 11, Milan 20131 - Headquarters Via Rivoluzione d'Ottobre 16, Reggio Emilia 42123 - Share capital €201,629,810.91 subscribed and paid-in - Bank enrolled in the Register of Banks and Parent Company of the FinecoBank Banking Group – enrolled in the Register of Banking Groups at No. 3015 - VAT No. 12962340159 - Tax ID No. and Milan-Monza-Brianza-Lodi Companies Register No. 01392970404 - Economic and Administrative Index (REA) No. 1598155.

Member of the National Compensation Fund (FNG) and the National Interbank Deposit Guarantee Fund (FITD). Read Details.Member of the National Compensation Fund (FNG) and the National Interbank Deposit Guarantee Fund (FITD) 1. The FITD guarantees customer liquidity deposits up to a maximum amount of Euro 100,000 for each depositor. 2. The FNG guarantees each investor up to the maximum limit of Euro 20,000 for credits deriving from the failure to return all or part of the money and/or financial instruments or their equivalent, claimed for the provision of investment services and activities

Fineco Bank is a trademark licensed for use by FinecoBank S.p.A., authorised and regulated by the Bank of Italy and Consob (Italian Market Regulator). Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Financial Services Contracts Regime, which allows EEA-based firms to operate in the UK for a limited period to carry on activities which are necessary for the performance of pre-existing contracts, are available on the Financial Conduct Authority’s website.
- PEC: finecobankspa.pec@actaliscertymail.it