There has been published on the website the Deposit Guarantee Scheme Regulations 2015 (the Regulations) together with an explanatory memorandum.

The Regulations relate to the UK implementation of the recast Deposit Guarantee Schemes Directive (DGSD), and amongst other things:

  • provide that the PRA is the competent authority and the designated authority for the purposes of the DGSD and set procedural requirements that apply to the PRA and the Financial Services Compensation Scheme when performing functions under the recast DGSD; and
  • introduce a new category, ‘debts owed to the Financial Services Compensation Scheme’, to the Insolvency Act 1986, the Insolvency (Northern Ireland) Order 1989 and the Bankruptcy (Scotland) Act 1985.

The Regulations will come into force on 26 March 2015, with the exception of Regulations 5 and 7 which will come into force on 3 July 2015

View Deposit Guarantee Scheme Regulations 2015, 5 March 2015