50k guarantee on deposits is a joke.
07 October 2008, 11:06 AM
#31
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It is confusing but MoneySavingExpert has a good page about all this.
Sadly, it's a bit more complex than it first appears. The technical definition is that you get the FSCS protection for each company independently registered with the Financial Services Authority (FSA). Yet over the years, many banks have merged or been taken over, blurring the lines over what actually constitutes a financial institution.
This means, bizarrely, that you only get one lot of £50,000 for the whole of HBOS, which is the combination of the Halifax, Bank of Scotland, Birmingham Midshires and others. Yet if you had money in the Royal Bank of Scotland, NatWest and Tesco, which are all part of the giant RBS banking conglomerate, you would be separately protected in each of them.
This means, bizarrely, that you only get one lot of £50,000 for the whole of HBOS, which is the combination of the Halifax, Bank of Scotland, Birmingham Midshires and others. Yet if you had money in the Royal Bank of Scotland, NatWest and Tesco, which are all part of the giant RBS banking conglomerate, you would be separately protected in each of them.
07 October 2008, 11:08 AM
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It is confusing but MoneySavingExpert has a good page about all this.
07 October 2008, 11:08 AM
#33
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They do, however, have a plan (or at least the beginning of one now Mandelson's back) to try and get themselves re-elected: and that's obviously FAR more important to them than the state of the UK economy. No doubt we will start to witness Mandy's great plan in the next few months.
In the meantime, Gordon and Alistair are trekking round the globe, trying to look like statesmen and calling on any and everyone but themselves to sort out the problem.
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