Charles Schwab, U.K., Limited

Charles Schwab, U.K., Limited
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Helping you prepare for Brexit.

Helping you prepare for Brexit.

As the political discussions around Brexit evolve rapidly, Charles Schwab is closely monitoring developments and preparing for a range of possible outcomes. We will make every effort to update you in the case of any changes to your account and will make the continuity of your investing relationship with Schwab our highest priority.

As we prepare for the United Kingdom to leave the European Union, we want to keep our clients in the U.K., Switzerland, and other European Union countries informed about your Charles Schwab U.K., Ltd. (CSUK) accounts. As our valued client, you can be assured that you will continue to have access to Schwab services to meet your U.S. investing needs and we will continue to be committed to our clients across the globe. The following is an update on the current status.

For Charles Schwab U.K. clients residing in the United Kingdom and Switzerland.

At present, we do not foresee any post-Brexit interruption in service to existing clients of CSUK. However, this year we plan to move all CSUK accounts of U.K. and Switzerland residents to Charles Schwab & Co., Inc. (CS&Co). This will offer both U.K. and Swiss residents the possibility of enhanced features for your Schwab accounts while reducing the potential for the risk of service interruptions for our clients.

For clients residing in Austria, France, Ireland, Italy, the Netherlands, and Sweden.

As a resident of one of these EU countries, we will continue to offer services to existing clients. However, as a consequence of the Brexit process, we will not be opening new accounts as of March 15th through CSUK.

To continue to properly serve our European clients post-Brexit, we are in the process of applying for permission to establish a new EU entity. This will allow Schwab to once again open accounts for EU residents and to provide access to the U.S. market for millions of investors who reside within the EU.

Next steps.

You may be contacted in the coming months regarding a change to the entity holding your account. This may involve moving your account to the new EU entity. We will do everything we can to ensure that this process is as smooth as possible for you, while trying to minimize additional paperwork.

Keeping you informed.

Below please find a list of frequently asked questions. We will also keep you updated on the impact that Brexit may have on your existing Schwab account or any potential new accounts. In the meantime, please do not hesitate to contact us if you have any questions regarding your individual situation. Our service team is available 24 hours a day, 6 days a week.

Frequently asked questions.

  • At present, we do not foresee interruptions in service for Schwab clients who reside in the U.K. It is likely that we will transfer the entity that holds your account from CSUK to our U.S. affiliate, CS&Co., which will allow Schwab to continue servicing your account without interruption. You will receive written notice from Schwab regarding this change and a request for your consent. Prior to transferring your account from CS&Co. to CSUK in August 2017, all client accounts of U.K. and Swiss residents were held by CS&Co., so this is a reversion to that previous arrangement.

  • At present we do not foresee interruptions in service for Schwab clients who reside in Europe. However, depending on your country of residence, you will need to elect to transfer the entity that holds your account from CSUK (which is based in London) to our new entity in the EU. We will contact you with step-by-step instructions.

  • We do not foresee any trading restrictions for existing CSUK clients post-Brexit. However, we will inform you in advance if any features or services are due to be restricted as a result of Brexit.

  • No. Post-Brexit, Charles Schwab will continue to serve U.K. and Swiss resident clients from its London office, while residents of other European countries will be served by the new EU entity once it is ready for business. These countries will include Austria, Belgium, France, Germany, Ireland, Italy, the Netherlands, Spain and Sweden.

  • Schwab provides a U.S.-dollar-only trading platform that gives investors access to the U.S. market. The trading experience will not change for clients, whether their Schwab account is held by CSUK, CS&Co., or the new EU entity. At this time, we do not have plans to offer online euro-denominated trading. Please call our service team for details.

  • Yes – Stock Plan Services participants residing in these countries will be able to open limited purpose accounts, which would only be utilized to transact on your equity compensation awards.

  • Please contact us anytime if you have additional questions. We are here to help.