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Discussion Starter · #1 ·
Hi, I have a question regarding where my cash savings are held to satisfy the financial requirement of the UK Spouse Visa FLR(M) application for my partner.

I have more than £62,500 in cash held for over 6 months with one of the leading online brokers globally who provide direct market access to various financial markets and exchanges to individual investors. The account is solely held and controlled by me, and no third party broker or financial adviser is involved in managing my account. The cash can be accessed instantly at any time through wire transfer to a current account.

My concern is that the cash is not held in a bank/savings account in the UK. The cash savings can be in a deposit or investment account, but the definition of what investment accounts are acceptable is not clear. There seems to be a requirement that the cash savings be held within a bank or building society, and it is not clear to me if my cash being held at a custodial bank regulated by the FCA through the online broker is satisfactory. My cash savings are wholly controlled by me and can be accessed instantly but I am wondering if it may fail the financial requirement on some technicality.

Any advice will be very much appreciated. Thanks.
 

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Obviously the rules can't account for every type of savings that exists, but your explanation seems to suggest it's acceptable. Accounts don't have to be in UK and can be in any currency. If it isn't in sterling, it will be converted using Oanda spot closing rate on the date of application. Just provide statement covering the last 6 months showing minimum balance held, and another statement showing that it's instant-access. Make sure you enclose your broker's contact details so that Home Office can get in touch to verify details.
 

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Discussion Starter · #3 ·
Hi Joppa, many thanks for your reply. Can I refer you to this pdf from the UKBA regarding bank/savings account and brokerage account? Section 7.2.3 and 7.2.5 .

ukba.homeoffice.gov.uk

/sitecontent/documents/policyandlaw/IDIs/chp8-annex/section-FM-1.7.pdf?view=Binary

Points 1 and 4 under 7.2.3 seem contradictory to cash savings in an investment account being acceptable. The UKBA don't seem to like brokerage accounts in 7.2.5, albeit it is specific in stating in their instance where stockbrokers are using funds in the account to purchase shares for the account holder, which does not apply to me.

Has anyone looked into this investment account / brokerage account technicality with the UKBA or had any experience with it? Thanks.
 

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The rules are so new that I doubt there are a lot of precedents. You may be lucky or you may not be approved. Safer to move the money to a conventional savings account, wait 6 months and apply.
 

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Discussion Starter · #5 ·
For what it's worth, I did a transfer from my investment account to my current account 3 weeks before the application date and had 6 months of statements to prove the funds had been mine to play it safe. I spoke to the officer who handed us the decision, not the caseworker, and asked if leaving the funds in the investment account would have been fine. She went into a room to speak to a caseworker and emerged to tell me information that is already available online. I think the point to take away from what she said is that the cash must be easily accessible. I suppose one could either spend time proving the easy accessibility of the funds or simply transfer it to a current account. Even though my funds are instant access, ultimately I cannot definitively say having them in the investment account would have been perfectly fine. Hopefully this helps others. My 2 pence worth.
 
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