Update 18 April 2019
A final updated version of SS18/15 was published to reflect a no-deal withdrawal from the EU as part of joint Bank of England and PRA Policy Statement 5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’, to deliver the general approach being taken to ensure there is a functioning legal framework when the UK leaves the EU. This SS is effective from the date of the UK’s withdrawal from the EU. See the Annex for more details.
This supervisory statement sets out the expectations of the Prudential Regulation Authority (PRA) on deposit-takers with regards to the depositor protection rules. Areas covered include:
- Eligibility for deposit protection
- Marking eligible deposits and transitional issues
- Temporary high balances
- Calculation of levies
- Single Customer View
- In-flight transactions
- Continuity of access
This statement is intended to be read together with the rules contained in the Depositor Protection Part of the PRA Rulebook. This statement is relevant to deposit-takers to which these rules apply.
By setting out the PRA’s expectations with regards to the depositor protection rules, this statement may help to minimise the adverse effect that the failure of a PRA-authorised firm could have on financial stability and enhance depositor confidence and therefore contribute towards the safety and soundness of firms.