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Banks: Regulation

Volume 485: debated on Thursday 18 December 2008

To ask the Chancellor of the Exchequer what mechanisms there are to protect depositors in UK banks and building societies whose accounts are transferred to financial institutions outside UK jurisdiction without their consent. (244995)

Accounts with banks or building societies in the UK would normally only be transferred to another authorised person able to accept deposits in the UK. The depositors would then be protected by the UK Financial Services Compensation Scheme or the deposit-guarantee scheme of an EEA credit institution's home state.