As part of the transposition of the Deposit Guarantee Schemes Directive, the PRA introduced rules in the Depositor Protection Part of the PRA Rulebook (DPP) that requires firms to put in place systems to ensure eligible depositors have continued access to FSCS-covered deposits in resolution or insolvency by facilitating a transfer of such deposits (known as Continuity of Access). All firms subject to the Continuity of Access (CoA) rules must meet the requirements by 1 December 2016.
However, the Bank of England has been assessing how its evolving approach to resolution impacts the transfer of FSCS-covered deposits under the CoA rules. An individual waiver process was previously published by the PRA and made available to firms based on the factors listed in Supervisory Statement 18/15: Depositor and dormant account protection.
The PRA has now issued a waiver by consent in advance of the 1 December 2016 compliance deadline that applies to those firms that meet the criteria set out in it. It exempts such firms from the CoA rules (DPP 13.4 to 13.8 inclusive) and from the related CoA reporting requirements (DPP 15.2 inclusive and 15.7).
If a firm wishes to take up the waiver it should contact the PRA’s Assessment and Monitoring team.
View Waiver by consent of Continuity of Access rules, 7 October 2016
View Direction for waiver by consent of Continuity of Access rules, 7 October 2016