Egg not shown on Table linking Banks together

Primrose

Can anybody please advise why Egg wasn't included on Martin's useful Savings Table which shows which banks are linked together for the purposes of Compensation. I know the building societies don't appear, but I thought Egg was a bank and should therefore have been included ?? I believe it's owned by somebody else but not sure who. Thanks.

liitleblackcat

Egg used to be owned by Prudential but I think it is now owned by Citi Bank. See http://new.egg.com/visitor/0,,3_54015--View_2043,00.html#Citi

Primrose

Thanks for that. It's a pity that all these financial institutions can't be forced to register separately with the FSA, even when several of them are grouped under the same umbrella/ownership. It would make for a lot more financial transparency and avoid the confusion and ignorance which exists at the moment. I guess it's too much to hope that the current credit crunch might force some of these things to be handled differently.

oldfella

I think the registration approach is up to the banks - some such as HBOS have adopted a single registration, others have separate. On the home page there will be a FSA number - if its different, then its separate

earlgrey_3

The FSA register is here FSA Register. There's a search facility where you can check whether firms are registered in their own names or whether they share registration with a parent company.

Primrose

Thanks Earl Grey. I've checked the site and see that it's registered at Citicorp's address but couldn't find anywhere where it actually appeared to be registered in its own name or not. Perhaps I'm missing something but could you direct me to the right spot please? Thanks.

YorkshireBoy

Primrose wrote: »

Thanks Earl Grey. I've checked the site and see that it's registered at Citicorp's address but couldn't find anywhere where it actually appeared to be registered in its own name or not. Perhaps I'm missing something but could you direct me to the right spot please? Thanks.

Egg Banking, although now part of Citigroup, appears to have retained it's own FSA registration number: 205621

Citibank International, who administer Citi Savings accounts in the UK, have the FSA registration number 122342

However, they may go the way of Halifax and BOS and so you may want to consider your position if they merge into the one registration number and your savings exceed £35K across both institutions.

Primrose

Many thanks Yorkshire Boy. That's very helpful. Will try and keep a watch out for their future registration activity. Is this sort of activity usually publicised in the financial press or can companies just sneak away and do it without a legal requirement to notify members of the public or their customers who save with them?

Meltdown_2

oldfella wrote: »

I think the registration approach is up to the banks - some such as HBOS have adopted a single registration, others have separate. On the home page there will be a FSA number - if its different, then its separate

If the bank's website has an easy-to-find FSA number on it (and that page is kept up-to-date), then what oldfella says should be OK.

If you go down the route of checking the FSA register directly, then there is something to beware of.

For example, if you enter Halifax plc into the search box, you will get an entry come up.
Halifax is still listed separately on the Register under Regn. No. 106048 (presumably the number it had when it was separate) but the "current status" field states "No longer Authorised" i.e. they are no longer authorised to take deposits (under that regn. number). You will find Halifax now listed as a trading name under the Bank of Scotland entry (Regn.No. 169628) - along with dozens of others ...

Egg's entry on the FSA states "Authorised" under "current status" (so yes, it is separate from Citi for FSCS purposes).

colsport

I've read that Martin has an article with info about which banks are linked to each other - but I can't find this article. Please could someone provide me with a link to it?

Baldur

colsport wrote: »

I've read that Martin has an article with info about which banks are linked to each other - but I can't find this article. Please could someone provide me with a link to it?

See the table HERE.