George brings this to our attention:
j) The Financial Institution must not have policies or practices that
discriminate against opening or maintaining accounts for individuals
who are Specified US Persons and who are residents of the UK.
But was that nothing more than window dressing?
National Savings & Investments (NS&I) was established as a people’s bank in order to provide products that had the backing of HM Government;
In 1861, the Palmerston government set up the Post Office Savings Bank – a simple savings scheme aiming to encourage ordinary wage earners to “provide for themselves against adversity and ill health”. We separated from the Post Office in 1969, becoming National Savings. In 1996, we became an Executive Agency of the Chancellor of the Exchequer. NS&I (National Savings and Investments) is now one of the largest savings organisations in the UK, with over 25 million customers and more than £100 billion invested.
What does HM Government do as of 1 April 2014 with this simple and popular savings vehicle? It is available to everyone except…
17 . General limitations. Accounts cannot be:
(a) opened by a person who is either a US citizen and/or a US resident for tax purposes;
(b) opened by a person who is an undischarged bankrupt;
(c) opened by a person under a legal disability otherwise than in accordance with paragraph 16; or
(d) opened by one person on behalf of another otherwise than in accordance with paragraphs 14 and 16, unless the applicant is acting under a valid power of attorney; or
(e) held in trust.
Do as we say and not as we do.