BoE: Depositor and policyholder protection – technical amendments

02 June 2015

This consultation paper (CP) sets out proposed changes to the Depositor Protection Part in the Prudential Regulation Authority (PRA) Rulebook and to the FEES transitional provisions and schedules in the PRA Handbook.

The rule amendments in this CP seek to confirm and clarify arrangements to support depositor preference and the power to ‘look through’ accounts to those absolutely entitled to deposits, as well as to address minor administrative changes.

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.

This CP proposes:

Appendix 1 of this CP contains the proposed amendments to the Depositor Protection rules found in the Depositor Protection Part of the PRA Rulebook.

Appendix 2 of this CP contains an instrument covering FEES transitionals and schedules.  The PRA consulted on its approach to FEES transitional provisions and schedules (which relate to FEES 6, which sets out rules regarding the funding of the FSCS) in CP4/15. The instrument amending the relevant transitional provisions and schedules was not however included in the CP and is therefore included in this CP.

Appendix 3 of this CP contains proposed amendments to the Deposit Guarantee Scheme Statement of Policy to reflect changes proposed in this CP.

The consultation closes on Friday 19 June 2015.

Full information

Consultation paper

© Bank of England