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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.

19.1

03/07/2015

In the case of a merger, conversion of subsidiaries into branches, transfer or similar operations, a firm must:

  1. (1) inform depositors at least one month before the operation takes legal effect, save where the PRA allows a shorter deadline on grounds of commercial secrecy or financial stability; and
  2. (2) give depositors a three month period following notification in accordance with (1), to withdraw or transfer to another institution, without incurring any penalty, such part of their eligible deposits, together with any accrued interest and other benefits, as exceed the coverage level pursuant to 4.2 (or, if applicable in the case of a non-UK scheme, other transposition of Article 6(1) of the DGSD) at the time of the operation.

Additional Notes


[Note: Art. 16(6) of the DGSD]