B&B and A&L - FSCS - are they seperate ?

jessmjc

According to Martins table under 'what counts as a financial institution' both B&B and A&L have seperate FSCS status and would be covered individually for each £50K invested

http://www.moneysavingexpert.com/savings/safe-savings

However in today's Sunday Times article it states
http://timesbusiness.typepad.com/mon...ix-safest.html

"Savers with Alliance & Leicester and Abbey do not need to worry about the implications for their deposits after the Santander takeover of A&L, since A&L is becoming a subsidiary of Santander, which means it is retaining its separate banking license. Deposits of up to £50,000 with A&L and £50,000 with Abbey remain protected. This is not the case for savers with Bradford & Bingley, which is also being partly bought out by Santander, since B&B is not retaining its own license."

Is B&B to be treated as a seperate institution or not, who is correct?

[Deleted User]

Which thread are we using? This or http://forums.moneysavingexpert.com/showthread.html?t=1390265

jessmjc

apologies over the 2 threads. . . .

Sunday Times article states

"This is not the case for savers with Bradford & Bingley, which is also being partly bought out by Santander, since B&B is not retaining its own license."

If B&B are not retaining their license does this not mean that they are not covered individually ?

Baa

Just had an email from A&L informing me that my A&L bank account will be rebranded as Santander and be subject to the same FSCS £50k compensation limit on the effective data "on or around" 28 May 2010

So Bradford & Bingley, Abbey, Alliance & Leicester, Santander all count as the same institution now :-(

Baldur

Baa wrote: »

Just had an email from A&L informing me that my A&L bank account will be rebranded as Santander and be subject to the same FSCS £50k compensation limit on the effective data "on or around" 28 May 2010

So Bradford & Bingley, Abbey, Alliance & Leicester, Santander all count as the same institution now :-(

Discussed in this thread - http://forums.moneysavingexpert.com/showthread.html?t=2346375