Today, the U.K. Treasury announced that it “has taken decisive action to protect the interests of retail depositors and wider financial stability” by placing London Scottish Bank plc in administration. The Chancellor of the Exchequer “has put in place arrangements to ensure that all eligible retail depositors (that is, those depositors who are eligible to claim under the Financial Services Compensation Scheme (FSCS)) in London Scottish Bank plc will receive their money in full, including those with balances above the current £50,000 FSCS limit.” Wholesale depositors are not eligible for FSCS compensation but will be creditors in the administration. London Scottish Bank plc confirmed the administration order stating that it “is necessary because of the Company’s financial position and to ensure that it can continue to operate, and to ensure the best interests of customers and creditors are served.” In the administration, “the directors and existing management structure will remain in place and the directors and their existing management team will be responsible for the day-to-day operations.”