Prudential Regulation Authority Rulebook

19.1

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

In the case of a merger, conversion of subsidiaries into branches, transfer or similar operations, a firm must:

1. (1) inform depositors at least one month before the operation takes legal effect, save where the PRA allows a shorter deadline on grounds of commercial secrecy or financial stability; and
2. (2) give depositors a three month period following notification in accordance with (1), to withdraw or transfer to another institution, without incurring any penalty, such part of their eligible deposits, together with any accrued interest and other benefits, as exceed the coverage level pursuant to 4.2 at the time of the operation.

[Note: Art. 16(6) of the DGSD]