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Application provision

5.1 This Chapter applies only to the FSCS.

5.1

03/07/2015

This Chapter applies only to the FSCS.

5.2

03/07/2015

The maximum compensation sum payable for the aggregate protected dormant accounts of each eligible claimant is:

  1. (1) up to and including 31 December 2015;
    1. (a) £85,000 for an eligible claimant who would be a relevant person if the protected dormant account were an eligible deposit held by a DGS member; and
    2. (b) £75,000 for any other eligible claimant;
  2. (2) on and from 1 January 2016, the same sum as the maximum compensation sum payable for aggregate eligible deposits of each depositor under Depositor Protection 4.2 but without reference to the cases in which additional compensation may be payable under Depositor Protection 4.3.

5.3

03/07/2015

In the event of a default of a dormant account fund operator, the FSCS will pay compensation in accordance with 5.2 on the basis of the authorisation of the DGS member who was liable for the eligible deposit immediately prior to the liability being transferred to the dormant account fund operator (and the relevant authorisation of the DGS member is the authorisation that was in place at the time that the liability was transferred).

5.4

03/07/2015

In this Chapter, the following definitions shall apply:

deposit guarantee scheme regulations

has the meaning given in the Depositor Protection Part. 

relevant person

has the meaning given in regulation 7A(4) of the deposit guarantee scheme regulations.