Prudential Regulation Authority Rulebook

50.1

This Chapter does not apply to the FSCS.

50.2

This Chapter does not apply in relation to an eligible deposit:

1. (1) of a large company;
2. (2) contained in an account that is not active;
3. (3) contained in an account that holds funds to which a depositor is not absolutely entitled; or
4. (4) of a small local authority.

50.3

In this Chapter, the following definitions shall apply:

large company

means a body corporate which does not qualify as a small company under section 382 of the Companies Act 2006

single customer view

means a single, consistent view of a depositor’s aggregate eligible deposits with a firm which contains the information required by 50.11;

50.4

A firm must be able to provide to the PRA or the FSCS its single customer view within 72 hours of a request being made by the PRA or FSCS.

50.5

A firm must be able to provide the single customer view by secure electronic transmission and in a format which is readily transferable to and compatible with the FSCS’s systems.

50.6

A firm must ensure that the electronic systems which produce the single customer view must:

1. (1) be capable of automatically identifying the amount of covered deposits payable to each depositor; and
2. (2) include a check facility which allows the firm to identify any portion of an eligible deposit that exceeds the coverage level provided for in 4.2.

50.7

A firm that operates fewer than 5,000 accounts which contain eligible deposits on 3 July 2015 may:

1. (1) elect that 50.5 and 50.6 do not apply; and
2. (2) revoke any such election.

50.8

A firm that revokes an election, may not make a further election under 50.7.

50.9

A firm that operates 5,000 or more accounts which contain eligible deposits on 3 July 2015 may not make an election under 50.7 if, on a future date, it operates less than 5,000 accounts which contain eligible deposits.

50.10

The election or revocation of the election takes effect only where the firm provides written notice to the PRA of the election or revocation.

50.11

A firm must ensure that a single customer view contains all the information set out in the table below.

50.12

Where a depositor holds more than one account, the section in the single customer view which sets out “Details of account(s)” must be completed for each account held.

50.13

The amount inserted into the single customer view as the account balance and aggregate balance across all accounts must be the total of the principal plus any interest or premium attributable up to the compensation date (or in the absence of a compensation date, the date on which the FSCS or PRA makes a request to the firm to provide the single customer view).

50.14

If the account is a structured deposit account where the return cannot be calculated until the maturity date because the return is based on growth of an index as determined at a future date, the figure inserted into the single customer view as the account balance must be the total of the principal, any attributable contractual minimum return and any interest accrued prior to the product start date.

50.15

A firm must take reasonable steps to ensure the accuracy of the data it holds to satisfy the requirements of this Chapter.