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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.

25.1

03/07/2015

The FSCS must ensure that a person who would be, or considers that they would be, affected by an FSCS decision in relation to compensation, has an opportunity to make representations in respect of that potential decision before it is finalised.

25.2

03/07/2015

The FSCS may provide that depositors may only submit claims for compensation in respect of deposits within a specified period of time (not less than three months) from the expiry of the applicable time period for payment of compensation as specified in 9.2 or the decision of the FSCS under 9.3 or 9.4.

25.3

03/07/2015

The FSCS must, if requested by the depositor and subject to other applicable laws, give reasons to the depositor for any decision not to pay compensation in relation to some or all of their deposits.

25.4

03/07/2015

The procedure established by the FSCS under this Chapter must satisfy the minimum requirements of procedural fairness and comply with the European Convention on Human Rights for the handling of any complaints of maladministration relating to any aspect of the operation of the deposit guarantee scheme.

Additional Notes


[Note: Art. 9(1) and (3) of the DGSD]