Some of you might have seen the Santander business [posted on across the net and at my place]:
’1 b) Your Money Any money held for you in an account with Santander UK plc will be held in its capacity as a bank and not as a trustee. In accordance with FSA requirements we are obliged to notify you that the client money rules on money do not apply to a Banking Consolidation Directive (BCD)in relation to deposits within the meaning of the BCD held by that institution. As a result,the money will not be held within the client money rules of the FSA.’
Think about that one. As Ian PJ’s points out – it seems that the UK government are making the preparations to steal depositors money – this redefinition seems to bear that out.
The Slog had identical terms from HSBC. I think if I get something like this, my money comes out of my bank. Other commenters also mentioned that HSBC is trying this on – the idea that your money is technically theirs when it is deposited.
Well, the preparations for our money to be robbed appear to be proceeding:
Legal cutover to the new UK regulatory regime for financial services
Resource type: Legal update: archive
Status: Published on 28-Mar-2013
Jurisdiction: United Kingdom
On 1 April 2013, the FSA will be abolished and the majority of its functions transferred to two new regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). On the same date, the Bank of England (BoE) will take over the FSA’s responsibilities for financial market infrastructures and the Financial Policy Committee (FPC) will be established on a statutory basis.