PRESSMAGAZINE
Breaking News

Border Watch

Download

Saturday, June 18

British savers face the prospect of losing some of their desposits in a UK bank for the first time in over a decade.

small number of savers who had more than £85,000 on deposit with Southsea Mortgages could lose the money after the lender was yesterday forced into insolvency by the authorities.
The Bank of England and Financial Services Authority put Southsea Mortgages into administration after deeming the bank to no longer be a going concern.
Most of the bank's 267 savers, who had a total of £7.4m on deposit, will get all their money back under from the Financial Services Compensation Scheme (FSCS).
However, 14 customers with more than £85,000 on deposit face losing any money over the maximum protected by the FSCS and will have to join other creditors to claim their losses back.
The potential loss of depositors' money marks the first time since the October 2000 collapse of London Trust Bank that British savers have lost money after the collapse of a UK bank.

 

No comments:

Post a Comment

The BANK Regulator

BThemes

Headlines

Related Posts Plugin for WordPress, Blogger...

TWEET ALIEN

BREAKING FINANCIAL NEWS

FeedBurner FeedCount

Bloodsuckers & Bloggers