11
Scope of depositor protection requirements
11.1
The Depositor Protection Part applies to all firms.
- 01/07/2023
11.2
The PRA would consider waivers or modifications to SCV rules in accordance with section 138A of the Financial Services and Markets Act 2000 (FSMA) if compliance with a rule would be unduly burdensome or would not meet the purpose for which the rule was made, and the direction would not adversely affect the advancement of any of the PRA objectives (the statutory tests).
- 01/07/2023
11.3
Relevant factors that the PRA would consider in judging whether the statutory tests had been met include: the relevance of the requirements to the wider resolution approach of the firm; the proximity to the firm to failure; and the level of transactional and instant access accounts held by the firm. The overall size of the firm, for example, in terms of number of accounts containing eligible deposits and the amount of covered deposits held by a firm, would also be a relevant considerations, including any forward-looking business plans.
- 01/07/2023
11.4
These factors would be assessed in the round so the PRA’s decision on any application for a waiver or modification would depend on the individual circumstances of the firm applying.
- 01/07/2023
11.5
Deleted.
- 01/07/2023