We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

MSE News: Laiki Bank UK savers to escape Cyprus banking levy

2»

Comments

  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    talexuser wrote: »
    Anyone for Fred Goodwin as Chancellor of the Exchequer?

    Only if Bob Diamond becomes Prime Minister. Fred would need someone to cover his shady deals.
  • mulronie
    mulronie Posts: 284 Forumite
    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.
    The only reason I'm calling you out on your comment is because misinformation is dangerous from a compensation scheme perspective.

    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.
  • Dr_Cuckoo3
    Dr_Cuckoo3 Posts: 1,398 Forumite
    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 Company
    Hi, 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 ForumTeam
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.