A small bank operating in the Portsmouth area has been shut down by the financial authorities.
The Southsea Mortgage and Investment Company, with just 270 savers, was closed by the Financial Services Authority and the Bank of England.

The Southsea, which lent to house builders, had been trying to wind itself down after losing money following the 2008 banking crisis. The accountancy firm BDO has been appointed to liquidate the bank.

Savers, who have £7.4m on deposit, will get their money back from the Financial Services Compensation Scheme, which will pay out up to its limit of £85,000 per saver.
"In order to minimise disruption and to provide access to funds, the FSCS intends to make its payout as quickly as possible," the Bank of England said.

"Retail depositors do not need to contact the FSCS to receive a payout as the FSCS will be ............Click HERE to read more on this story