1
Application and Definitions
1.1
The changes to this rule are effective from 23:00 on 31/12/2020.
Unless otherwise stated, this Part applies to:
- (1) the FSCS;
- (2) a dormant account fund operator;
- (3) UK banks;
- (4) building societies; and
- (5) an overseas firm if:
- (a) [deleted.]
- (b) the firm has a Part 4A permission that includes accepting deposits; and
- (c) deposits are held by a UK establishment of the firm.
- 31/12/2020
1.2
The changes to this rule are effective from 23:00 on 31/12/2020.
In this Part, the following definitions shall apply:
means management expenses which are not attributable to any particular class.
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.
means a valid claim made in respect of a civil liability owed by a dormant account operator to the claimant.
means one of the classes to which FSCS allocates levies in accordance with the rules of the compensation scheme.
means the class which includes DAS members.
means protected dormant accounts multiplied by 0.2 as at 31 December.
means the date on which a dormant account operator is determined to be in default.
means the Financial Services Compensation Scheme established under section 213 of FSMA.
means a base costs levy imposed by the FSCS on DAS members.
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).
means a levy imposed by the FSCS on DAS members to meet DAS compensation costs.
means a DAS compensation costs levy or a 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.
means:
- (1) a dormant account fund operator for claims against which the dormant account scheme provides cover;
- (2) a UK bank;
- (3) a building society; or
- (4) an overseas firm, if:
- (a) the firm has a part 4A permission that includes accepting deposits; and
- (b) deposits are held by a UK establishment of the firm.
means management expenses attributable to the dormant account scheme other than base costs.
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.
has the meaning given in the Depositor Protection Part.
has the meaning given in section 10 of the Dormant Bank and Building Society Accounts Act 2008.
has the meaning given in the Depositor Protection Part.
has the meaning given in the Depositor Protection Part.
has the meaning given in the Depositor Protection Part.
means the compensation scheme for compensating persons in respect of protected dormant accounts.
means a claimant whose dormant account:
- (1) was transferred to a dormant account fund operator which accepted the liability to repay it; and
- (2) would be an eligible deposit if it were held by a DGS member.
has the meaning given in the Depositor Protection Part.
Gibraltar-based credit institution
has the meaning given in the Depositor Protection Part.
describes the status of a dormant account fund operator following a determination made under 3.3.
has the meaning given in the Depositor Protection Part.
has the meaning given in the Depositor Protection Part.
micro, small and medium-sized enterprises
has the meaning given in the Depositor Protection Part.
has the meaning given in the Depositor Protection Part.
has the meaning given in the Depositor Protection Part.
has the meaning given in the Depositor Protection Part.
has the meaning given in the Depositor Protection Part.
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.
has the meaning given in the Depositor Protection Part.
means the statement required under 23.2.
- 31/12/2020