Small Bank Shut Down
Published / Last Updated on 19/06/2011
Small Bank Shut Down.
The Financial Services Authority (FSA) have forced a small Havant based bank to shut down. Southsea Mortgage and Investment Company ceased trading today following the FSA deciding to initiate the special resolution regime that allows the regulator to wind down failing banks.
Southsea is a small bank with deposits of around £7.4m. Most of the customers of Southsea will be able to get their money back as they are entitled to claim compensation of up to £85,000 each from the Financial Services Compensation Scheme (FSCS).