FSA is consulting on new requirements for UK branches of deposit-taking firms based in non-EEA countries with national depositor preference regimes. FSA proposes a two-year deadline for these firms to set up a UK-incorporated subsidiary to carry out their UK-based deposit-taking business. Alternatively, the banks could put in place arrangements ensuring that UK depositors are no worse off than the depositors in their home country if the firm fails. Until the firms implement these changes, they would have to disclose to UK branch customers that they would be subordinated in the firm’s insolvency. FSA asks for comments by 11 December. (Source: Addressing the Implications of non-EEA National Depositor Preference Regimes)
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FSA consults on non-EEA depositor preference regimes
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