The PRA has published Policy Statement 9/15: Depositor and dormant account protection – further amendments (PS9/15). The PRA has also published an updated version of Supervisory Statement 18/15: Depositor and dormant account holder protection (SS18/15).
In PS9/15 the PRA provides feedback to the responses it received to Consultation Paper 15/15: Depositor and dormant account protection – further amendments (CP15/15) and sets out final rules. No material changes to the proposals in CP15/15 have been made as a result of the consultation responses. However, some minor changes to the proposed rule amendments have been made, and further amendments have also been made to SS18/15 in light of requests for further clarification of the PRA’s expectations.
SS18/15 should be read together with the rules contained in the Depositor Protection Part of the PRA Rulebook. It covers the following areas:
- 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; and
- continuity of access.
The main updates to SS18/15 relate to continuity of access requirements in relation to overdrafts, dormant account scheme rules and the treatment of small local authorities.
View Depositor and dormant account protection – further amendments – PS9/15, 20 May 2015
