PRA Consults On Rules For Depositor Protection Schemes

Author:Shearman & Sterling LLP
Profession:Shearman & Sterling LLP

On October 6, 2014, the PRA issued a consultation paper on proposed rule changes required to implement the recast Deposit Guarantee Schemes Directive (the "DGSD"), to ensure continuity of access during resolution to accounts for depositors protected by the Financial Services Compensation Scheme ("FSCS") and changes to the single customer view requirements for firms. Member states are required to transpose the DGSD into national law by July 3, 2015. The PRA intends to publish final rules, supervisory statements and its statement of policy on the FSCS in the first half of 2015. The regulator will...

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