The PRA has published a policy statement on the deposit protection limit and a joint consultation paper with the FCA on the Financial Services Compensation Scheme management expenses levy limit.

Key points in Policy Statement 1/17: Deposit protection limit include:

  • the deposit protection limit is reset to £85,000 as of 30 January 2017;
  • firms must make all changes to customer-facing materials required to implement the new deposit limit as soon as practicable after 30 January 2017 and in any event on or before 30 June 2017; and
  • firms are expected to train their customer-facing staff to answer questions from customers about the change in the deposit limit, regardless of when a firm’s written materials are amended, by 30 January 2017 or as soon as practicable after 30 January 2017.

The PRA has also updated Supervisory Statement 18/15: Depositor and dormant account protection.

In Consultation Paper 1/17: Financial Services Compensation Scheme – Management Expenses Levy Limit 2017/18 the FCA and PRA consult on the management expenses levy limit for the Financial Services Compensation Scheme for 2017/18. The deadline for comments is 13 February 2017.

View Deposit protection and FSCS management expenses levy limit, 16 January 2017