is Alliance-Leicester operating under Santander license

derek.gtalk

According to the below link, Alliance & Leicester is still running with its own license. If it's possible that its license may be changed to Santander some day, that means it's not safe to put more than 50k into banks (A&L, Abbey, B&B) owned by Santander.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=440726&in_page_id=7

Blah99

derek.gtalk wrote: »

According to the below link, Alliance & Leicester is still running with its own license. If it's possible that its license may be changed to Santander some day, that means it's not safe to put more than 50k into banks (A&L, Abbey, B&B) owned by Santander.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=440726&in_page_id=7

I wouldn't worry about this. For example, NatWest has operated under its own license since the RBS buyout years ago, so there's no particular reason A&L will drop their license and use Santander's.

juicyjude

Dont worry, he happy:j

barak

derek.gtalk wrote: »

.....Alliance & Leicester is still running with its own license. If it's possible that its license may be changed to Santander some day, that means it's not safe to put more than 50k into banks (A&L, Abbey, B&B) owned by Santander.

Here is a useful link I have posted before -
http://www.abbey.com/csgs/Satellite?c=GSAgrupAsset&cid=1210613274047&pagename=Abbey/GSAgrupAsset/GS_HerramientasGestion

derek.gtalk

barak wrote: »

Here is a useful link I have posted before -
http://www.abbey.com/csgs/Satellite?c=GSAgrupAsset&cid=1210613274047&pagename=Abbey/GSAgrupAsset/GS_HerramientasGestion

this is very useful. thanks!

armoured-smiler

Does anyone know please the following now.

I have just been notified that A&L is fulling merging with Santander soon, is the banking license going to be one then? (IE only £50,000 cover for any/all accounts merged from Abbey and A&L)

Cheers
Paul

juicyjude

Yes I am afraid that is right. A & L,Asda,Bradford and Bingley,Abbey all come under the one licence ie Santander. A & L came within the licence of Santander at the end of May! Just means less and less protection for the consumer!!! Sorry to be the bringer of bad news

EarthBoy

juicyjude wrote: »

& L came within the licence of Santander at the end of May!

That's right. A & L no longer exists in its own right, and it will all be re-branded Santander before the end of the year. See the details here:

http://www.alliance-leicester.co.uk/current-accounts/proposed-transfer.aspx