BEG Bank Acct

[John Knee]

You will know that our acct is with the Co-op. To date, I have been satisfied with their service but clearly there are on  going concerns about the way the bank appears to be run. So we should consider whether we want to stay put. It is a lot of work to change accounts (quite a lot of work to set up in the first place) and I think the options for a community acct could be limited. I'll try to establish how we are covered by FSA provision.

Any thoughts or insights?

Mike

[John Knee]

As I follow up to this, I think we would be covered. Here is extract from FSC FAQs:

Is a business covered if the bank or building society it holds money with fails?

FSCS was set up mainly to assist private individuals, although some smaller businesses are also covered. Larger businesses are generally excluded, although there are some exceptions to this (for example for claims in respect of certain compulsory insurances). Our rules tell us which claims are eligible and form part of the PRA's Handbook, under Redress, Compensation.

As an indicative guide only, for the purposes of deposit and investment claims, smaller companies are protected. A smaller company must meet two of the following criteria (as set out in section 247 of the Companies Act 1985 or section 382 of the Companies Act 2006 as applicable):

• Turnover: not more than £6.5 million

• Balance sheet total: not more than £3.26 million

• Total number of employees: not more than 50

For claims made under an insurance contract, small businesses are protected. A small business under the COMP rules is one that has an annual turnover of less than £1m.

The same levels of compensation apply whether the claimant is a private individual, small business, or a small company.

--
TO CHANGE BEDMINSTER ENERGY EMAIL SETTINGS: https://groups.google.com/d/forum/bedminsterenergy?hl=en-GB
---
You received this message because you are subscribed to the Google Groups "Bedminster Energy Group" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bedminsterener...@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.

[Bridget Newbery]

We should be ok shouldn't we? Would be a pain to have to start all over again...