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Harrods Bank
 

IS HARRODS BANK COVERED BY THE FSCS (FINANCIAL SERVICES COMPENSATION SCHEME)?

Yes Harrods Bank Limited is a member of the Financial Services Compensation Scheme (FSCS) and has its own independent banking licence.  The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. An eligible depositor is currently entitled to claim £75,000 per person. For more information about the scheme, and the limits of the protection, visit www.fscs.org.uk

IS HARRODS BANK LICENSED AND REGULATED IN THE UK?

Harrods Bank Ltd is a British bank and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The FCA and PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more atwww.fca.org.uk or www.bankofengland.co.uk/pra

WHO IS HARRODS BANK OWNED BY?

The Bank is owned by Harrods Group (Holding) Ltd and the ultimate parent of the group has been Qatar Holding LLC since May 2010.  It is not associated with any other bank.

IS HARRODS BANK A NEW BANK?

No, the Bank has actually been in existence since 1893 so has been trading for over 120 years.

WHAT IS THE BANK’S ADDRESS?

The Bank’s address for correspondence is: Harrods Bank Limited, 87-135 Brompton Road, Knightsbridge, London SW1X 7XL

How will Harrods Bank Limited (or any part of Harrods Group) be impacted by the decision to leave the European Union?

It is not yet possible to predict the impact of the referendum.  The process to leave the EU is expected to take some time and HBL will carefully review the situation as specific changes to legislation become clearer.

Are my savings safe with HBL?

We take our responsibilities as a bank very seriously. Nothing is more important than the satisfaction and safety of our customers.  We are authorised by The Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority FRN 204479. 

Deposits held with Harrods Bank Limited are covered by the Financial Services Compensation Scheme (FSCS) which protects deposits of up to £75,000 per banking licence.  However, compensation limits are harmonised across the EU and therefore any change could only take place once the necessary UK legislation was in place to allow a change from the relevant EU legal requirements.

How will the referendum outcome affect mortgage or savings interest rates?

Mortgage and savings interest rates are determined by a number of different factors, which may or may not be affected by the decision.  It is not yet possible to predict the impact of the referendum on these factors.

Mortgage or savings products which are fixed for a defined period will not be affected until the ‘fixed rate term’ ends. For products on variable or tracker rates, any changes to interest rates these will be subject to the usual notice periods and / or notification (i.e. in the event of any change to Base Rate).