Official press release from the Financial Conduct Authority (FCA), the conduct regulator for financial services firms and financial markets in the UK, on Silicon Valley Bank

Official press release from the Financial Conduct Authority (FCA), the conduct regulator for financial services firms and financial markets in the UK, on Silicon Valley Bank

(IN BRIEF) The Financial Conduct Authority (FCA) has been closely monitoring the situation at Silicon Valley Bank following its collapse and receivership on March 10, 2023. In collaboration with the Bank of England, Prudential Regulation Authority (PRA), Financial Services Compensation Scheme (FSCS), and the UK Government, the FCA has been working to ensure the continuity of banking services and the safety of depositors’ money. Today, the Bank of England, in consultation with regulatory authorities, has announced the sale of Silicon Valley Bank UK Limited (SVBUK) to HSBC UK Bank Plc to ensure the stability of the financial system. The FCA has confirmed that SVBUK remains authorized and will continue to operate normally. SVBUK customers will retain access to the Financial Services Compensation Scheme and Financial Ombudsman Service.

(PRESS RELEASE) LONDON, 13-Mar-2023 — /EuropaWire/ — The Financial Conduct Authority (FCA), the conduct regulator for around 50,000 financial services firms and financial markets in the UK and the prudential supervisor for 48,000 firms, has been working closely with the Bank of England, Prudential Regulation Authority (PRA), Financial Services Compensation Scheme (FSCS), and the UK Government, following events at Silicon Valley Bank.

This morning, the Bank of England (Bank), in consultation with the Prudential Regulation Authority (PRA), HM Treasury (HMT), and the Financial Conduct Authority (FCA), has taken the decision to sell Silicon Valley Bank UK Limited (‘SVBUK’), the UK subsidiary of the US bank, to HSBC UK Bank Plc (HSBC).

SVBUK remains authorized by the PRA and FCA, and it will operate as normal. The Bank of England and HM Treasury have confirmed depositors’ money is safe as a result of the transaction. SVBUK customers will continue to have access to the Financial Services Compensation Scheme and Financial Ombudsman Service, and their other consumer rights are unaffected.

Customers of SVBUK can contact the bank through their usual channels.

Press office:
+44 (0)20 7066 3232

SOURCE: The Financial Conduct Authority (FCA)