A very confusing point

[zea040]

Hi,

The money I' am claiming for investment is held overseas in a Bank that is regulated by the Home regulator where the Bank is operating. This is not the point. The confusion starts here:

This Bank hasn't got a branch in the UK and so is not regulated by the FSA. However, it owns 55% of a UK-Based Bank which is regulated by the FSA. In other words, it owns a subsidiary Bank in the UK.

The question here arises: From the UKBA perspective, does this subsidiary in the UK count as a UK business presence for my Bank and, as such, my Bank wont have to provide evidence of the money being freely transferable and convertible to pounds sterling? Initially, I' am thinking that, Yes, it does count because the money overseas shall be available (disposable) in the UK through my Bank's subsidiary, i.e. my Bank wont have to make a transfer of my Funds. But at the same time, I get confused because my Bank is not regulated by the FSA, it is it's subsidiary that is regulated by the FSA.

So, shall my bank be treated in my application and documents that I provide as one that is overseas but got a UK presence or one that is overseas and hasn't got a UK presence?

Please advice me.

Highly appreciated.

Kind regards.

[escapee]

I don't remember seeing anywhere on the guidance notes if a subsidiary counts as having a presence in the UK. If I was you I would try to avoid any discrepancies and try get a letter from my bank stating the money is easing transferable to the UK.

69. If the money is held overseas but in an institution that has a presence in the United
Kingdom and is regulated by the FSA, then the institution already does business in
the United Kingdom and we will not need any further evidence that the money can be
transferred into the United Kingdom.
70. Applicants who rely on money held in an overseas institution that is not regulated by
the FSA must provide confi rmation that the money can be transferred into the United
Kingdom. They can do this with a document from their bank or fi nancial institution.