FSCS | Updates | Banking | Insurance
The Prudential Regulation Authority (PRA) is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It is also responsible for the oversight of, and rules relating to, the Financial Services Compensation Scheme (FSCS) in respect of deposit and insurance policy protection.
The FSCS provides protection for eligible customers of failed PRA-authorised financial services firms. Effective protection for deposits and insurance policies advances the PRA's general objective of promoting the safety and soundness of PRA-authorised firms and contributes to protection for insurance policyholders. The PRA measures also aim to reduce the adverse effects of the failure PRA-authorised firms could be expected to have on the stability of the UK financial system.
In 2015 the PRA published a series of new rules for depositor, dormant account and policyholder protection that replaced the Compensation sourcebook (COMP) in the PRA Handbook. The updates page sets out the background to the policy, key changes and information about implementation for changes since 2015. The page also includes a detailed summary of policy development with links to publications. For rules that govern the FSCS on and from 3 July 2015, please refer to the PRA Rulebook.
The information on the Banking and Insurance pages outlines the nature of FSCS coverage for eligible deposits in banks, building societies and credit unions, and for eligible insurance policyholders. The pages also include lists of banking and building societies brands, UK-authorised insurers; EEA-authorised insurers and Lloyd’s of London syndicates. For detailed information on the FSCS, including eligibility and coverage, please refer directly to the FSCS.