Bank / BS Groups

YorkshireBoy

chris1 wrote: »

Sorry if this is a silly question, but in that case how can we rely on that method to find out who owns who, and therefore compensation limits?

Make sure you don't have more than £35,000 (or £2,000 depending on your attitude to risk) with any one 'licence number'.

Licence numbers are shown on all providers' websites, and organisations are listed on the FSA website - along with their licence status/partners.

chris1

YorkshireBoy wrote: »

Make sure you don't have more than £35,000 (or £2,000 depending on your attitude to risk) with any one 'licence number'.

Licence numbers are shown on all providers' websites, and organisations are listed on the FSA website - along with their licence status/partners.

[Desperately trying not to appear thick:o ] so does that mean the 2K/£35K limit applies to (say) Halifax and BOS separately, i.e. 4Ketc for the group as a whole?

YorkshireBoy

chris1 wrote: »

[Desperately trying not to appear thick:o ] so does that mean the 2K/£35K limit applies to (say) Halifax and BOS separately, i.e. 4Ketc for the group as a whole?

That is my understanding, yes. However, rather than assume someone on the internet's understanding is correct, why not contact the FSCS and ask them directly?

www.fscs.org.uk/contacts/

gt94sss2

chris1 wrote: »

[Desperately trying not to appear thick:o ] so does that mean the 2K/£35K limit applies to (say) Halifax and BOS separately, i.e. 4Ketc for the group as a whole?

The compensation scheme would apply to each company differently as they have different licence numbers but some time ago HBoS (the parent company) announced that Halifax, Bank of Scotland, Birmingham Midshires and Intelligent Finance would all share the same 'FSA licence number' from the 17 September 2007.

However, even if any of these companies did have problems - and if they did we would have much bigger things to worry about than our savings - then they would be rescued - they are too big/important to be allowed to fail.

Regards
Sunil

YorkshireBoy

gt94sss2 wrote: »

The compensation scheme would apply to each company differently as they have different licence numbers but some time ago HBoS (the parent company) announced that Halifax, Bank of Scotland, Birmingham Midshires and Intelligent Finance would all share the same 'FSA licence number' from the 17 September 2007.

Here's the announcement...

http://www.bankofscotlandhalifax.co.uk/HelpCentre/blc.asp?tag=HOME5

Geoffo_M

chris1 wrote: »

If that was right, surely NatWest (121878) and RBS (121882) would have the same number?

(Confused, just looking for a safe haven...:o )

I don't think the numbers (121878 and 121882) are banking licence numbers. I looked up the FSA website and Halifax had a number of 169626 and Birmingham Midhires was 169484. We know these two share the same licence. I think the FSA gives EVERY organisation a different log number and that is what these are. I wonder where we can find a lsit of banking licence numbers.

sanfly

It would help if somewhere on Martin's site there was a list of banks,their subsideries and the licence arrangement they have with the FSA, also maybe Martin should modify his article that mentions banking guarantee as far as I can see it does not say anything about finacial institutions in the same group with the same licence only covering you for one amount of £35000.

regularsaver1

Halifax's licence changes tomorrow

Originally it would say "Halifax plc"

but from tomorrow or will say "Halifax, a division of Bank of Scotland plc"

This will change things. From website:

"Halifax plc (up to 17th September 2007; Bank of Scotland plc after 17th September 2007), Halifax Investment Fund Managers Limited, Halifax Life Limited and Halifax Share Dealing Limited and St Andrew's Life Assurance plc are authorised and regulated by the Financial Services Authority. They are entered in the Financial Services Authority's Register and their Register Numbers are 106048 (169628 for Bank of Scotland plc), 119223, 171881 and 183332 and 189101. This is an English language site, all contracts will be in the English language only. Copyright © 2007. All rights reserved. Before 17th September 2007 (the appointed day for the transfer of Halifax's business to Bank of Scotland plc) this is a promotion of Halifax plc. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. On and after 17th September 2007 this is a promotion of Bank of Scotland plc. Halifax is a division of Bank of Scotland plc. Registered office: The Mound, Edinburgh EH1 1YZ. "

"Both Bank of Scotland and Halifax plc are members of the scheme. Up to 17 September 2007, as they have separate banking licences, a customer who has savings or bank accounts with each will have separate protection under the scheme for each set of deposits. After the change on 17 September 2007, Bank of Scotland will continue as a member of the scheme. This means that if your total deposits with Bank of Scotland, including accounts in any of its divisions (for example Halifax), exceed £35,000, your protection under the scheme will be limited to the maximum payment"