27
Payments in Respect of UK Branches of Incoming Firms and EEA Branches of DGS Members
27.1
This Chapter applies only to the FSCS.
- 03/07/2015
27.2
Where the FSCS is required under the deposit guarantee scheme regulations to pay compensation on behalf of a non-UK scheme, the FSCS must inform the depositors concerned that the relevant credit institution is in default and of their right to compensation on behalf of the non-UK scheme. The FSCS may receive correspondence from those depositors on behalf of the non-UK scheme.
[Note: Art. 14(2) of the DGSD]
- 03/07/2015
27.3
Where the FSCS is required, under this Part, to pay compensation to a depositor in respect of deposits held with a branch of a DGS member in an EEA state other than the UK, the FSCS must instruct the relevant non-UK scheme to make such payments on its behalf. The FSCS must provide the necessary funding prior to payout by the non-UK scheme and must compensate the non-UK scheme for costs incurred by the non-UK scheme with regard to acts done by the non-UK scheme in accordance with the instructions given by the FSCS.
[Note: Art. 14(2) of the DGSD]
- 03/07/2015