View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
June 18, 2012

WBrief: HNWs not forced to put money into ringfenced banks

By Spear's

The UK government, which has endorsed the idea of ring-fencing retail, deposit-taking banking functions from activities such as trading and investment banking, says high net worth individuals will not be forced to put their money into such protected bank segments

The UK government, which has endorsed the idea of ring-fencing retail, deposit-taking banking functions from activities such as trading and investment banking, says high net worth individuals will not be forced to put their money into such protected bank segments.

Proposals, contained in a white paper, also raised questions about what happens to Swiss banks, as their country of origin is outside the European Economic Area. The EEA status is important because, to avoid issues with cross-border banks, the UK government proposes that ring-fenced banks should not carry out any banking activities through non-EEA subsidiaries or branches.

Last week, finance minister George Osborne said the government will introduce legislation as soon as possible to push ahead with the ring-fencing idea, designed to ward off the risk of future massive taxpayer bailouts of banks.

To read the full story, visit wealthbriefing.com

Content from our partners
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network