bank of baroda - full fscs protection???

21js

As far as I can tell Bank of Baroda is not fully covered by the FSCS.

"All banks in the 'Banks incorporated in the United Kingdom' category are fully covered by the FSCS, while institutions listed under the catchy title of 'Banks incorporated outside the EEA authorised to accept deposits through a branch in the UK' only have their home compensation scheme, unless they are on the FSCS top up list."

Bank of Baroda is listed under 'Banks incorporated outside the EEA....." and does not appear on the FSCS top up list.

But I should be delighted if you can show me I am wrong.

js

bendix

You're wrong. It has the same FSCS protection as Lloyds or Barclays or any of the more usual suspects.

http://www.bankofbarodauk.com/retail-banking/deposit-products/fscs-compensation-scheme/

21js

Thanks for your reply Bendix

It would be good if the bank's assertion was consistent with the listings on the FSA site.


moneysavingexpert advises that

"All banks in the 'Banks incorporated in the United Kingdom' category are fully covered by the FSCS,

while institutions listed under the catchy title of 'Banks incorporated outside the EEA authorised to accept deposits through a branch in the UK'

only have their home compensation scheme, unless they are on the FSCS top up list."



So my current reading of the FSA site is that Bank of Baroda only have their home compensation scheme.

May-be the FSA site is not up to date and I am being over cautious.

js

patf

I must admit I'm now unsure.
MoneySupermarket says Bank of Baroda has full UK FSCS Protection and this also is stated on the Bank's own website, but the FSA site seems somewhat ambiguous.
The Bank was also in MSE savings lists.
Can anyone say for sure?

Stompa

According to:

http://www.fscs.org.uk/what-we-cover/about-us/questions-and-answers/#How_can_I_find_out_if_a_firm_is_a_member_of_the_FSCS_

How can I find out if a firm is a 'member' of the FSCS?

If the firm is authorised by the Financial Services Authority (FSA) you will have access to the Financial Ombudsman Service and to the FSCS.

You can find out whether a firm is regulated by using the FSA's Firm Check Service on its consumer website. You can also find out about the status of a firm by telephoning the FSA's Consumer Helpline on 0845 606 1234. They will be able to tell you if the firm is still authorised to trade, and how to get in touch with it.

and the Bank of Baroda FSA registration is here:

http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=58535

I'm not sure if that helps?

premierfella

Bank of Baroda is an FSA authorised deposit-taker in the UK, so is fully covered by the FSCS.

The only exception to this would be if Bank of Baroda were an EEA based bank operating UK branches (when it would be covered by the "home" EEA scheme and, if the bank chose to join, the FSCS "top up"). As Bank of Baroda is not an EEA based bank, the "top up" has no relevance here.

patf

Back to original post by 21JS, can we now be assured by premierfella's recent post that Bank of Baroda is as 'safe' as any other UK bank, for FSCS savings compensation purposes?

jimmybee

Hi folks
I wrote to the FSCS and FSA yesterday to settle this matter once and for all and paste the FSCS reply below. Short version: you're covered up to the usual 50k. Your ref at the FSCS: Mark Hubbard.


Thank you for your recent enquiry about the compensation limits in the event a bank or building society fails.

The FSCS is a fund of last resort, which deals with claims for compensation against authorised financial services firms that have gone out of business or been declared insolvent.

You can find out which institutions are covered by our Scheme by checking on the Financial Services Authority’s website.

I can confirm that Bank of Baroda is authorised by the FSA and as such will come under our Scheme. As such you will have a protection of £50,000.

Any personal information you provide us with will be held by the Scheme in accordance with our data protection policy, which is available on our website or on request.

Should you have any further questions please telephone us on 020 7892 7300 (freephone 0800 678 1100).

life_nit

cheers jjimmy, i phoned the FSA, prior to saving with them and they confirmed it too.

i love how Baroda are so laid back about processing it and answering the phone, its like a bunch of students run the bank. but they offer the best so it's all good