Fsa

[Muskoka]

I just phoned the FSA who confirmed that a person would only get one lot of compensation if for example they had funds in banks that were linked:- If you want to check this, link - go to:-

fsa/register

put in banks name - for example Abbey National Plc

Click on firms name (Abbey National Plc) - You will see that they are an authorised member

Then click on 'names' and you will see banks which are owned by Abbey - in this case 'Cahoot'

So to be melodramatic, if you had to claim compensation because Abbey went 'belly up' and you had money with both Abbey & Cahoot, you would only get one lot of compo.

Hope this is reasonably clear.

[grey shark]

I just phoned the FSA who confirmed that a person would only get one lot of compensation if for example they had funds in banks that were linked:- If you want to check this, link - go to:-

fsa/register

put in banks name - for example Abbey National Plc

Click on firms name (Abbey National Plc) - You will see that they are an authorised member

Then click on 'names' and you will see banks which are owned by Abbey - in this case 'Cahoot'

So to be melodramatic, if you had to claim compensation because Abbey went 'belly up' and you had money with both Abbey & Cahoot, you would only get one lot of compo.

Hope this is reasonably clear.

Thanx for reminding us Muskoka , the topic about FSA compensation rules is about the most common that pops up on here .

You should of asked them in the event of a mega financial crisis where all banks go bust how much each individual would get then , the answer is .........................Sweet Fupp All

[Muskoka]

I did ask. And I dont like to post bad news, so didnt add that bit in!

[bdon]

At least if you have a house then you've somewhere to stay... better get out and buy one quick.

if it all goes tits up then at least you're the only person with the keys (unlike us renters) so while the mushroom cloud takes years to settle you're not getting wet in the rain