The UK’s chief financial watchdog has sharply tightened its grip on overseas banks that want to take deposits in Britain, pressuring them to open locally regulated subsidiaries with their own access to cash and capital.
The Financial Services Authority is at the forefront of moves by global regulators to force the arms of overseas banks to have separate capital and liquidity to protect depositors and taxpayers from a bank collapse.
Since 2007, the FSA has allowed just four banks to open branches, which rely on their parent for capital, while approving 14 new subsidiaries and six new UK-only banks, according to statistics obtained by the Financial Times. Five of the subsidiaries are arms of banks that previously had branches.
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