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which major banks own which subsidiaries?
gyrospitta
Posts: 11 Forumite
does anyone know/ or know where to find out which major banks own which subsidiaries?i just learnt that the compensation amounts only apply once to the big umbrella institutions. therefore if you have savings spread around several of their smaller subsidiaries the maximum compensation you are guaranteed is only £2000 then 90% of £33,000 from all your accounts.have found out that HBOS own Intelligent Finance, Birmingham Midshires, Saga, Sainsburys and AA savings. but can't find the rest. maybe someone has a list ? thanks in advance
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I can't find a link, but there was mention of this on the BBC's Working Lunch yesterday. Sainsbury's has separate authorisation, but Saga and the AA do not. So deposits in Sainsbury's do not count as being with HBOS.
No idea about other banks and their subsidiaries. It is a minefield for us consumers. I think Martin should do an article on it if he hasn't done so already.0 -
Yes Martin this would be very helpful...
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Did Gillian not say on Working lunch that you can find this out from the FSA? or ask the banks themselves.0
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It apparently depends on who holds the Banking Licence.
The current example is that from this month Halifax no longer holds a Banking Licence - but Bank of Scotland does, and it now covers other members of the HBOS Group.
I raised this point on another thread, as I couldn't find any way of discovering which institutions hold Banking Licences. I don't see why this should be secret - quite the contrary in view of the compensation issue.".....where it is corrupt, purge it....."0 -
To find out who owns an Institution, go to the FSA Register. Enter the name of the bank/BS you are searching for, tick Currently authorised and you will either be taken directly to the record of the owner of that instution, or be presented with a list of instutions that have a trading name that match a word in the name you've searched. If you click on any of them and then click on Names you can see all the different trading names that bank operates. Just keep doing his until you find the one that has your searched name listed as a trading name.
For example, type in First Direct and tick the currently Authorised box. You are presented with 5 authorised companies that have trading names that include First or Direct. Now, we know that First Direct is a HSBC subsidary, so click on HSBC plc and click on Names and you will see First Direct is listed as a trading name of HSBC plc.0 -
Moneyfacts have produced a list of who owns whom.
http://www.moneyfacts.co.uk/Savings/articles/who-owns-whom-listings.aspx0
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