Skip to main content
  • This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > Prudential Regulation Authority > Depositor and dormant account protection - further amendments - CP15/15

Depositor and dormant account protection - further amendments - CP15/15

01 April 2015

​This consultation paper (CP) sets out proposals for new rules in the Prudential Regulation Authority (PRA) Rulebook that arise as a result of rules proposed in CP20/14 Depositor protection and CP4/15 Depositor, dormant account and policyholder protection - amendments published in October 2014 and January 2015 respectively. Feedback to responses received to CP20/14 and CP4/15 is set out in PS6/15 – see Related Links. PS6/15 includes final depositor protection and dormant account scheme rules, a supervisory statement, and statements of policy.


The package of measures across the PRA’s consultations supports the orderly resolution of deposit-takers and the effective compensation or continuity of access to Financial Services Compensation Scheme (FSCS) covered deposits to depositors.

The consultation is relevant to:

  • UK banks, building societies and credit unions as well as to overseas firms with PRA deposit-taking permission and UK branches of European Economic Area (EEA) credit institutions;
  • the FSCS, as the administrator of the UK’s Deposit Guarantee Scheme (DGS) and Dormant Account Scheme (DAS);
  • depositors; and
  • dormant account fund operators.

This CP proposes:

  • extending deposit protection to deposits held by local authorities with an annual budget of up to €500,000;
  • a definition of public authority;
  • a new requirement for firms to inform depositors of deposits, categories of deposit and instruments no longer covered by a DGS from 3 July 2015 (eg certain certificates of deposit);
  • extending continuity of access  rules in relation of overdrawn accounts; and
  • a new requirement on deposit-takers to provide the FSCS (at their or the PRA’s request) with information held on dormant accounts that have been transferred to a dormant account fund operator and which is necessary to enable the FSCS to prepare for the payment of compensation.

The PRA has also set out additional draft expectations to support the above proposals which, subject to feedback, it intends to issue in a supervisory statement.


The consultation closed on Friday 1 May 2015.

Please address any comments or enquiries (structured by chapter) to:

Consultation Paper

Depositor and dormant account protection — further amendment - CP15/15

Final policy in relation to this consultation is available under related links.