Update 19 September 2017
An updated version of SS18/15 was published. The only update is to section 3.16 where the PRA is providing clarity on the use of the FSCS badge on the information sheet contained in Annex 1 of the Depositor Protection Part.
Update on 16 January 2017
SS18/15 was updated following publication of PS1/17 ‘Deposit protection limit’. See the Appendix for details on updates made to reflect the revised guidance and procedures for the changes to the deposit protection limit from £75,000 to £85,000.
Update on 31 July 2015
SS18/15 was updated and published alongside PS18/15 ‘Depositor and dormant account protection’ – see Related Links. The main updates relate to section 3 (‘Disclosure’) and section 12 (‘The change in the deposit protection limit’ paragraphs 12.12-12.28) which has been updated to include the PRA’s expectations in respect of depositors with aggregate eligible deposits above £75,000.
Update on 20 July 2015
An updated version of SS18/15 was published. The only updates to the version published on 3 July 2015 are to section 12 regarding the provision of the information sheet before 1 January 2016 and the requirement to notify depositors of the limit change. The PRA has updated this section to advise that firms discuss options with their supervisor (for example where they face challenges in meeting the relevant requirements).
Update published 3 July 2015
SS18/15 was updated and published alongside PS14/15 ‘Depositor and dormant account protection- the protection limit’ and PS15/15 ‘Depositor and policyholder protection - technical amendments’ - see Related Links. The main updates relate to amendments made in PS14/15 concerning the change in the deposit protection limit.
Update published 20 May 2015
SS18/15 was updated and published alongside PS9/15 ‘Depositor and dormant account protection – further amendments’ in response to proposals set out in CP15/15 ‘Depositor and dormant account protection – further amendments’ – see Related Links. The main updates relate to continuity of access requirements in relation to overdrafts, dormant account scheme rules, and the treatment of small local authorities.
Links to the guidance on completing data items and the data items are set out in appendices to this supervisory statement.
Depositor protection - SS18/15
Published on 1 April 2015
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.