Q&As

(A) is proposing to open a client account with a Swedish bank which states that the applicable compensation arrangements for depositors are under the Swedish Deposit Guarantee Scheme (max payable €100,000 euros per depositor) and it appears is not within the FSCS Compensation Scheme. Does a bank fall within section 87(1) of the Solicitors Act 1974?

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Published on LexisPSL on 17/12/2015

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • (A) is proposing to open a client account with a Swedish bank which states that the applicable compensation arrangements for depositors are under the Swedish Deposit Guarantee Scheme (max payable €100,000 euros per depositor) and it appears is not within the FSCS Compensation Scheme. Does a bank fall within section 87(1) of the Solicitors Act 1974?

The Financial Services and Markets Act 2000 (FSMA 2000), the Prudential Regulation Authority (PRA), Rulebook and Financial Conduct Authority (FCA) Handbook set out the requirements for an EEA firm seeking to exercise an entitlement to establish a branch or provide cross-border services in the UK under the Single Market Directives.

Firms should also consider the requiremen

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