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Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) the FSCS;
  2. (2) a dormant account fund operator;
  3. (3) UK banks;
  4. (4) building societies; and
  5. (5) an overseas firm that:
    1. (a) is not an incoming firm; and
    2. (b) has a Part 4A permission that includes accepting deposits.

1.1

03/07/2015

Unless otherwise stated, this Part applies to:

  1. (1) the FSCS;
  2. (2) a dormant account fund operator;
  3. (3) UK banks;
  4. (4) building societies; and
  5. (5) an overseas firm that:
    1. (a) is not an incoming firm; and
    2. (b) has a Part 4A permission that includes accepting deposits.

1.2

01/08/2015

In this Part, the following definitions shall apply:

base costs

means management expenses which are not attributable to any particular class.

base costs levy

means a levy, forming part of the management expenses levy, to meet the base costs in the financial year of the compensation scheme to which the levy relates.

claim

means a valid claim made in respect of a civil liability owed by a dormant account operator to the claimant.

class

means one of the classes to which FSCS allocates levies in accordance with the rules of the compensation scheme.

class J

means the class which includes DAS members.

class J tariff base

means protected dormant accounts multiplied by 0.2 as at 31 December.

compensation date

means the date on which a dormant account operator is determined to be in default.

compensation scheme

means the Financial Services Compensation Scheme established under section 213 of FSMA.

DAS base costs levy

means a base costs levy imposed by the FSCS on DAS members.

DAS compensation costs

means the costs incurred in paying compensation under the dormant account scheme (including the costs of paying interest, principal and other costs of borrowing to pay such costs).

DAS compensation costs levy

means a levy imposed by the FSCS on DAS members to meet DAS compensation costs.

DAS levy

means a DAS compensation costs levy or a DAS management expenses levy.

DAS management expenses levy

a levy imposed by the FSCS on DAS members to meet management expenses and which is made up of one or more of a DAS base costs levy and a DAS specific costs levy.

DAS member

means:

      1. (1) a dormant account fund operator for claims against which the dormant account scheme provides cover;
      2. (2) a UK bank;
      3. (3) a building society; or
      4. (4) an overseas firm that is not an incoming firm and has a part 4A permission that includes accepting deposits.

DAS specific costs

means management expenses attributable to the dormant account scheme other than base costs.

DAS specific costs levy

means a levy, forming part of the DAS management expenses levy, to meet the DAS specific costs in the financial year of the dormant account scheme to which the levy relates.

DGS compensation costs

has the meaning given in the Depositor Protection Part.

dormant account

has the meaning given in section 10 of the Dormant Bank and Building Society Accounts Act 2008.

depositor

has the meaning given in the Depositor Protection Part.

DGS member

has the meaning given in the Depositor Protection Part.

DGS specific costs

has the meaning given in the Depositor Protection Part.

dormant account scheme

means the compensation scheme for compensating persons in respect of protected dormant accounts.

eligible claimant

means a claimant whose dormant account:

      1. (1) was transferred to a dormant account fund operator which accepted the liability to repay it; and
      2. (2) would be an eligible deposit if it were held by a DGS member.

eligible deposit

has the meaning given in the Depositor Protection Part.

in default

describes the status of a dormant account fund operator following a determination made under 3.3.

legacy costs

has the meaning given in the Depositor Protection Part.

management expenses

has the meaning given in the Depositor Protection Part.

micro, small and medium-sized enterprises

has the meaning given in the Depositor Protection Part.

money laundering

has the meaning given in the Depositor Protection Part.

money purchase benefits

has the meaning given in the Depositor Protection Part.

occupational pension scheme

has the meaning given in the Depositor Protection Part.

personal pension scheme

has the meaning given in the Depositor Protection Part.

protected dormant account

means a dormant account which is covered by the dormant account scheme.

protected dormant account claim

means a claim in respect of a protected dormant account.

small self-administered scheme

has the meaning given in the Depositor Protection Part.

stakeholder pension scheme

has the meaning given in the Depositor Protection Part.

tariff statement

means the statement required under 23.2.