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MSE News: Laiki Bank UK savers to escape Cyprus banking levy
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Thrugelmir wrote: »Every bank in the UK is required to operate under banking rules and legislation. No such thing as a branch. Will be a UK limited Company that reports to the FSA, BOE etc.
Sorry - that's not correct.
It is entirely possible for a bank to operate on these shores as a branch. of a parent incorporate elsewhere. There are a million examples, but let's take one, Triodos:- Trades in the UK as a branch of Triodos Bank NV, a Dutch registered company
- Registered in England and Wales, with Companies House, as a branch of the Dutch parent - look up their number (BR3012) on Companies House WebCheck if you like.
- Authorised by the Dutch Central Bank (DNB), but regulated by the Financial Services Authority (or whatever it's called now) for the conduct of UK business - again, look them up on the FSA's register (183366) if you like.
As a Dutch bank, if Triodos were to fail a British depositor would have recourse to the Dutch compensation scheme rather than the British. Were Triodos operating in Britain as a subsidiary, it would fall under the UK's FSCS deposit protection program.0 -
Thrugelmir wrote: »Every bank in the UK is required to operate under banking rules and legislation. No such thing as a branch. Will be a UK limited Company that reports to the FSA, BOE etc.
This is incorrect as it is a branch and not a UK limited CompanyHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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