Close menu

Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) the FSCS;
  2. (2) UK banks;
  3. (3) credit unions;
  4. (4) Northern Ireland credit unions;
  5. (5) building societies; and
  6. (6) an overseas firm that:
    1. (a) is not an incoming firm; and
    2. (b) has a Part 4A permission that includes accepting deposits.

13.1

01/12/2016

This Chapter does not apply to the FSCS, credit unions or Northern Ireland credit unions.

13.2

01/12/2016

A firm must mark accounts which hold:

  1. (1) eligible deposits from natural persons and micro, small and medium-sized enterprises; and
  2. (2) deposits that would be eligible deposits from natural persons or micro, small and medium-sized enterprises if the deposit had not been made through a branch of the firm located outside the EEA

in a way that allows for the immediate identification of such accounts.

13.3

01/12/2016

A firm must, at least annually, take reasonable steps to confirm that a depositor that it has classified as a micro, small and medium-sized enterprise continues to be a micro, small and medium-sized enterprise using the exchange rate prevailing on the 3 July immediately preceding the date on which any confirmation is undertaken.

13.4

01/12/2016

A firm must ensure that its SCV system:

  1. (3) automatically identifies the transferable eligible deposit for each depositor, including the account or accounts in which the transferable eligible deposit is held; and
  2. (4) automatically identifies any account held by a depositor which contains both the transferable eligible deposit (or a portion of the transferable eligible deposit) and also other deposits of the depositor which do not form part of the transferable eligible deposit.

13.5

01/12/2016

A firm must identify the transferable eligible deposit for each depositor by applying the amount of the maximum payment for an eligible deposit to the accounts included in the single customer view in accordance with the hierarchy set out in the table below:

1 Instant Access Accounts (including current accounts)
2 ISAs
3 Notice accounts
4 Fixed term deposits with a term of less than one year
5 Fixed term deposits with a term of one year or more but less than two years
6 Fixed term deposits with a term of two years or more but less than four years
7 Fixed term deposits with a term of four years or more
8 Other

13.6

01/12/2016

A firm must have systems in place that enable it to transfer any:

  1. (1) eligible deposits which do not form part of the transferable eligible deposit; and
  2. (2) negative balances in accounts that may also hold eligible deposits

into a separate account.

13.7

01/12/2016

A firm must transfer any:

  1. (1) eligible deposits which do not form part of the transferable eligible deposits; and
  2. (2) negative balances in accounts that may also hold eligible deposits

into a separate account within 48 hours of the transferable eligible deposits becoming unavailable deposits, or upon receipt of a request of the PRA.

13.8

01/12/2016

A firm must have systems in place which enables it to freeze any account which is not marked in accordance with 11.1 and any account included in an exclusions view within 5 hours of the transferable eligible deposits becoming unavailable deposits, or on a request of the PRA.

13.9

01/12/2016

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

13.10

01/12/2016

The information required by 13.2 must be electronically stored.