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Home > Prudential Regulation Authority > Depositor and dormant account protection – further amendments - PS9/15
 

Depositor and dormant account protection – further amendments - PS9/15

20 May 2015

​This policy statement (PS) provides feedback to responses to CP15/15 ‘Depositor and dormant account protection – further amendments’. It sets out final rules intended to reduce the adverse effects the failure of firms could be expected to have on the stability of the UK financial system and enhance depositor confidence and therefore advance the PRA’s general objective of promoting the safety and soundness of firms.

Background

This PS follows PS6/15 ‘Depositor and dormant account protection’ which included depositor protection and dormant account scheme rules, supervisory statement SS18/15 ‘Depositor protection’, and statements of policy. Amendments to the Depositor Protection and Dormant Account Scheme rules and an updated version of SS18/15 are published alongside this policy statement, reflecting the amendments consulted upon in CP15/15.

The policy statement is relevant to:

  • UK banks, building societies and credit unions, as well as to overseas firms with a deposit-taking permission, UK branches of European Economic Area (EEA) credit institutions;
  • the Financial Services Compensation Scheme, as the UK’s Deposit Guarantee Scheme (DGS);
  • depositors, as beneficiaries of deposit protection;
  • dormant account fund holders; and
  • dormant account fund operators.


Summary of content

The appendices to the PS set out:
1. amendments to the Depositor Protection Part and Dormant Account Scheme Part of the PRA Rulebook; and
2. an updated version of supervisory statement SS18/15 setting out the PRA’s expectations in respect of Depositor Protection Part and the Dormant Account Scheme Part  of the PRA Rulebook.

Further consultation

Firms should note that in response to queries to the Depositor Protection rules published in PS6/15 ‘Depositor and dormant account protection’ in April 2015, the PRA will undertake a further short consultation in H1 2015 of limited scope, focussing on clarifications and administrative amendments.

Policy Statement

Depositor and dormant account protection – further amendments - PS9/15

Supervisory Statement

Depositor and dormant account protection - SS18/15 UPDATE

Consultation Paper

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

 

 

 

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