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

innovate

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

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

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