On 28 January 2025, the Silicon Valley Bank UK Limited Compensation Scheme Order 2025 (the Order) came into force and was published on legislation.gov.uk, along with an explanatory memorandum.

The purpose of the Order is to confirm in statute that no compensation is due to the persons who held shares in Silicon Valley Bank UK Limited (SVB UK) before those shares were transferred to HSBC UK Bank plc on 13th March 2023 as part of the resolution of SVB UK. The explanatory memorandum to the Order explains that this determination has been made by HM Treasury following consultation with the Bank of England, which undertook a provisional valuation of SVB UK prior to its resolution and subsequently commissioned an independent valuation of SVB UK which confirmed the provisional valuation.