Close menu

Application provision

39.1 This Chapter applies only to the FSCS.

39.1

03/07/2015

This Chapter applies only to the FSCS.

39.2

01/10/2016

If:

  1. (1) a DGS member (A) assumes a liability to repay deposits held by another DGS member (B);
  2. (2) B is no longer liable to pay a DGS levy to the FSCS; and
  3. (3) the assumption of liability takes place after the date to which, or as of which, A's most recent statement of business is drawn up,

the FSCS must require A to pay an additional amount equal to the levy that would have been payable by B in relation to the relevant business and class A (including an adjustment for the FSCS’s assessment of the degree of risk incurred by B) if the acquisition had not taken place and B had remained liable to pay DGS levies. The amount is based on the B’s most recent statement of business.

39.3

03/07/2015

This Chapter only applies with respect to those financial years of the FSCS for which A's levies are calculated on the basis of a statement of business drawn up to a date, or as of a date, before the assumption of liability took place.