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Application provision

1.1 The changes to this rule are effective from 23:00 on 31/12/2020.

Unless otherwise stated, this Part applies to:

  1. (1) the FSCS;
  2. (2) UK banks;
  3. (3) credit unions;
  4. (4) Northern Ireland credit unions;
  5. (5) building societies; and
  6. (6) an overseas firm, if:
    1. (a) the firm has a Part 4A permission that includes accepting deposits; and
    2. (b) deposits are held by a UK establishment of the firm.

30.1

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

If the FSCS, in relation to a claim for eligible deposits, makes recoveries from the credit institution or any third party in respect of that eligible deposit, it must:

  1. (1) retain from those recoveries a sum equal to the aggregate of:
    1. (a) the sum paid by the FSCS as compensation; and
    2. (b) [deleted.]
    3. (c) any amount the FSCS determines is appropriate to cover all or part of its reasonable costs of recovery; and
  2. (2) as soon as reasonably possible after it makes the recoveries, pay any remaining sum to the compensation recipient (or, if not the depositor, as directed by the depositor or to any person subrogated to the claim of the depositor against the credit institution or to the rights of the depositor under this Part or to any person otherwise entitled to any remaining sum).