Part

Depositor Protection

Chapter

Circumstances in Which the FSCS Pays Compensation in Respect of Eligible Deposits

Printed on: 03/05/2024

Rulebook at: 19/04/2024

3

Circumstances in Which the FSCS Pays Compensation in Respect of Eligible Deposits

3.1

This Chapter applies only to the FSCS.

  • 03/07/2015

3.2

The FSCS must pay compensation in accordance with this Part in respect of an eligible deposit if it is satisfied that the eligible deposit is a deposit with either:

  1. (1) a DGS member which is in default; or
  2. (2) a PRA-authorised person which is in default and which:
    1. (a) had a Part 4A permission to accept such deposits at the time the deposit was accepted but no longer has permission to accept eligible deposits, or is subject to a requirement preventing it from doing so; and
    2. (b) is not a member of the Gibraltar DGS which covers such deposits.
  • 01/07/2023