Bank of England: Depositor and dormant account protection

15 July 2015

The only updates 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.

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
• Disclosure
• Marking eligible deposits and transitional issues
• Temporary high balances
• Dormant Account Scheme information requirements
• Calculation of levies
• Single Customer View
• In-flight transactions
• Continuity of access
• The change in the deposit protection limit

This statement is intended to be read together with the rules contained in the Depositor Protection and Dormant Account Scheme 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 and Dormant Account Scheme 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.

Full supervisory statement

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