The Board has approved the application of Standard Chartered Bank and we welcome them as subscribers to the Banking Code.
HERITABLE BANK (IN ADMINISTRATION)
Heritable Bank went into administration on 7 October 2008, and its entire savings business, covered by its Banking Code registration, has been transferred to ING Direct, itself a subscriber to the Code. We have now accepted Heritable Bank's resignation from the Code and have removed its details from our register of subscribers.
LANDSBANKI ISLANDS HF AND ICESAVE
Following the failure in the UK of Landsbanki Islands hf and the withdrawal of the Icesave product, the bank has ceased trading and is accepting no new deposits. We understand that qualifying Icesave customers have been or are being compensated by the Financial Services Compensation Scheme. We have today terminated Landsbanki's registration under the Banking Code and have removed its details from our register of subscribers.
FSA CONSULTATION CP 08/19: REGULATING RETAIL BANKING CONDUCT OF BUSINESS
The Board has approved the Business Banking Code application of United National Bank Limited.
REVISED BUSINESS BANKING STATEMENT OF PRINCIPLES
The British Bankers' Association has published a revised edition of the Statement of Principles that sets out how banks will work with small business customers and will help if the customer gets into difficulties.
The Statement confirms that the BCSB will monitor banks' application of this Statement in their operational procedures, including ensuring relevant staff receive a copy of the Statement and providing the Principles to new and existing customers.
The revised Statement of Principles is now available in the Publications section of the BCSB website. Printing of copies for distribution to bank branches is in progress, and banks will send copies to all their new and existing business banking customers in the New Year.
The Financial Services Compensation Scheme (FSCS) has been triggered to safeguard retail deposits in London Scottish Bank. Information is available at the FSCS website: http://www.fscs.org.uk/consumer/. The FSA's website states that eligible retail depositors will be compensated through the FSCS, with HM Treasury protecting balances above the current UK deposit limit of £50,000 and the FSCS administering the full payout of deposits.
HFC BANK LIMITED
HFC Bank Limited voluntarily resigned its registration under the Banking Code with effect from 30 November 2008.
The Board has approved the application of Ivobank Limited and we welcome them as
subscribers to the Banking Code.
Three Icelandic banks are registered as subscribers to the Banking Code:
- Heritable Bank Limited
- Kaupthing Singer and Friedlander Ltd (trading as Kaupthing Edge)
- Landsbanki Islands hf (trading as Icesave)
Following the widely publicised recent difficulties facing these banks, we have placed notes on our register of subscribers, referring users to the information provided on the websites of the companies themselves and on the News section of "Moneymadeclear", on the website of the Financial Services Authority (www.fsa.gov.uk).
The BCSB entered into a Memorandum of Understanding with the Financial Services Authority on the 17th June 2008.
The MOU provides the framework for co-operation and communication between the two bodies in carrying out their respective responsibilities in relation to deposit taking products that are covered under the Banking Codes.