British Banks?

eDicky

FarmerGilesUK wrote: »

I'm furious at my bank HSBC for saying they are going to relocate 1000 staff to Paris, so I'm looking for a 100% British bank to more to.

Making decisions based on this kind of quasi-patriotic sentiment is a symptom of the growing plague of nationalism exploited by populist politicians in this post-truth era. Those who allow themselves to be duped by the propaganda of populism should not complain when the Brexit that they voted for is given to them - good and hard!

le_loup

Anthorn wrote: »

What in fact HSBC is going to do is transform those subsidiaries into its head office ... in Paris.
......................
When it leaves the U.K. it's not British and therefore HSBC is not British!

I give up. There are none so blind as those who don't want to see.

We really are into a period of alternative facts. In which case I don't care any more if the OP wants to change banks for whatever reason, let him do so.

Thread closed for me.

Crystal_Pixie

I wonder what will happen to EU banks that have a base in the UK? I bank with a Swedish bank - I must admit it is a concern.


Not sure I would like to go back to a British bank, in my experience the service is questionable.

System

gt94sss2 wrote: »

It might be clear to you - but its not to me.

London as a financial centre is too important for the EU for them not to offer some sort of passporting rights in any eventual deal.

Thanks for you point of view.

One off comment doesn't change the reality of situation. The EU only allows passporting where EU/EEA law applies. As Fräulein May has rejected ECJ / EFTA Court oversight, the idea is dead in the water.

The simple fact is London will have to adapt to being an outsider and EU rule taker.

gt94sss2

Heng_Leng wrote: »

One off comment doesn't change the reality of situation. The EU only allows passporting where EU/EEA law applies. As Fräulein May has rejected ECJ / EFTA Court oversight, the idea is dead in the water.

The simple fact is London will have to adapt to being an outsider and EU rule taker.

We will both obviously have to see how things develop over the next few years but its important to remember that just because the EU has not done something before, that it means they will not do it now.

The EU has never had a member state leave before - and the UK was not just 'any' member state but one of its most economically/politically important ones on a global basis - so the old 'rules' just won't apply - regardless of what some in Europe currently claim.

Anthorn

gt94sss2 wrote: »

The EU has never had a member state leave before - and the UK was not just 'any' member state but one of its most economically/politically important ones on a global basis - so the old 'rules' just won't apply - regardless of what some in Europe currently claim.

According to Marine Le Pen there is the Brexit domino effect where other E.U. countries will follow Britain and destroy the E.U. Personally, I think it's pretty much certain that other countries especially their (right-wing) opposition parties are watching Brexit closely. Also certainly in France where I spend roughly half my time there is opposition to E.U. membership amongst ordinary working folk that we don't hear about in news reports. I wonder if Le Pen can mobilise those voters: We'll see.

http://news.sky.com/story/le-pen-brexit-domino-effect-will-bring-down-europe-10736791

Aquamania

FarmerGilesUK wrote: »

Hi all

And by that I mean wholly British not just based in the UK.

I'm furious at my bank HSBC for saying they are going to relocate 1000 staff to Paris, so I'm looking for a 100% British bank to more to.

Thinking about Nationwide. ... Are there any others that are 100% British owned?

Regards

Nationwide is a building society, not a bank.

It is owned by its members. e.g. those persons who have a share account with the building society, or certain mortgage products.
Some of those people are non-British

antrobus

Crystal_Pixie wrote: »

I wonder what will happen to EU banks that have a base in the UK? I bank with a Swedish bank - I must admit it is a concern....

Depends on what kind of base. The Bank of Cyprus UK Ltd is a wholly owned subsidiary of the Bank of Cyprus PLC based in Cyprus, but is still authorised by the PRA and regulated by the FCA, just like every other 'British' bank. So nothing will change.

The way that bank authorisation works, is that you need to be authorised by the PRA in order to accept deposits, unless you are a bank that is already authorised by another EEA member, in which case you are free to open a branch in the UK, without troubling either the PRA or the FCA. As I believe is the case with Handelsbanken.

What happens in the event of Brexit will depend on what kind of agreement is reached with the EU. In any event, there are a number of non EEA banks that have branches in UK that are subject to PRA authorisation etc. I would guess that any EEA bank that had branches in the UK and wanted to continue doing business in the UK could get itself authorised.