# PSA for Canadian citizens living in the UK or holding UK accounts



## JustLurking (Mar 25, 2015)

AJ Bell Youinvest's most recent _Terms and Conditions_ now contain a refusal to open accounts, and potential account closure, for any _Canadian_ citizens or residents, and refusal also appears to include any _Canadian citizens living in the UK, even if also British citizens_.

The problems caused by FATCA for anyone holding _US_ citizenship are by now well known, with many UK financial institutions now refusing accounts for these people, but this blanket refusal to accept _Canadian_ citizens as customers appears to be new. There is no identifiable explanation for this restriction, which so far appears to be isolated to only one UK financial institution.

AJ Bell have been contacted multiple times about this, but have refused to supply any explanation.

Here are the relevant restrictions, from AJ Bell _Terms and Conditions_:

https://www.youinvest.co.uk/sites/default/files/useful-forms/AJBYI_terms_and_conditions.pdf



> 10.5 We cannot open a SIPP for You if You are a Canadian citizen or a Canadian resident for tax purposes and You must inform Us immediately if You become a Canadian citizen or a Canadian resident for tax purposes.
> 
> 11.2 You must inform Us immediately if you become a USA citizen, a USA resident for tax purposes, a Canadian citizen or a Canadian resident for tax purposes. We may close Your ISA and Lifetime ISA if You inform Us that You have become a USA citizen, a USA resident for tax purposes, a Canadian citizen or a Canadian resident for tax purposes and We may close a Junior ISA for a Child, if You inform Us that the Child has become a USA citizen, a USA resident for tax purposes, a Canadian citizen or a Canadian resident for tax purposes.
> 
> 12.3 We cannot open a Dealing Account for You, if You are, and We may close Your account if You become, a USA citizen, a USA resident for tax purposes, a Canadian citizen or a Canadian resident for tax purposes. You must inform Us immediately if You become a USA citizen, a USA resident for tax purposes, a Canadian citizen or a Canadian resident for tax purposes.


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## NickZ (Jun 26, 2009)

Did you try asking the consulate if they had any idea on why? 

Off the top of my head I can't imagine what the issue might be. Canada almost disowns you when you move. To the point holdings in some Canadian companies you get moved to foreign status.


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## JustLurking (Mar 25, 2015)

NickZ said:


> Did you try asking the consulate if they had any idea on why?


Thanks, good idea. I hadn't, but I've done so now. I'll report back if I get a useful response.


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## JustLurking (Mar 25, 2015)

Just to follow up ...

I contacted the Canadian embassy in London, and received a very prompt acknowledgement from the relevant Trade Commissioner. They state that they have a "dialogue" with the UK government regarding the matter, but give no clarity on the form of this, nor any indication of whether or not it will effect any change (or even if they intend it to do that).

So apparently a known issue, but no further details. Shrug.


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