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

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.
How will Fineco support its clients during the wind-down process?
 
Fineco is committed to ensuring a smooth transition for all its clients during the wind-down process. In the short term, clients' accounts will remain fully functional with the same level of regulatory protections. Fineco will be in touch with clients over the next few months to discuss the account closure process, providing details about their rights and necessary actions to be taken.
Is there anything clients need to do immediately in response to this message?
 
Clients do not need to take any immediate action in response to this message. Fineco will contact clients in the coming months to provide information about the account closure process and the steps they need to take.
Is there a transition plan in place?
 
We are actively working on a transition plan to ensure a smooth and orderly process for our UK customers. While we are unable to provide details on the wind-down plan at this time, we want to reassure you that your assets are safe, and you will have the freedom to choose where to transfer them.
Is there a procedure for transferring the ISA account?
 
Regarding the transfer of your ISA account, we do have a transfer procedure in place to facilitate the process of transferring your assets to a new bank/broker. The transfer procedure is designed to manage both cash balance and investments transfer on our side.
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 9:00 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.
How can I close my Fineco account on my own?
 
Circumstances may lead you to close your Fineco account, thus we're here to guide you through the process. To close your account independently, please fill out the Account Closure Form and email it to support@finecobank.com. 
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.

FinecoBank S.p.A. - Registered Office Piazza Durante 11, Milan 20131 - Headquarters Via Rivoluzione d'Ottobre 16, Reggio Emilia 42123 - Share capital €201,508,439.55 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 Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority's website. - PEC: finecobankspa.pec@actaliscertymail.it