Bellmore Group Management Services, Tokyo Japan on How to Secure Your Savings (Part 2)
What does 'financial institution' exactly refer to? There is no cut-and-dry answer. For many years, banks have been absorbed by others or merged with other banks, making the definition hard to delineate. It all depends on the technical nature of the company's personality as it is registered at the FCA. Some difficulties, therefore, arise – for instance: If you save money in the Bank of Scotland, Halifax and BM Savings, which belong to one group, the covered amount is also considered as one. Hence, you get only £85,000. If you save money in the Royal Bank of Scotland, Ulster and NatWest, which all belong to the giant RBS conglomerate; you get £85,000 protection for every one of three banks where you have put money.
- Publication Date
- Jul 17, 2017
- Business & Economics
- All Rights Reserved - Standard Copyright License
- By (author): Ann Tan