Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to:

1. (1) the FSCS;
2. (2) a firm;
3. (3) a dormant account fund operator; and
4. (4) the Society.

1.2

In this Part, the following definitions shall apply:

dormant account fund operator

means a person with a Part 4A permission for operating a dormant account fund.

MERS levy

means a levy imposed by the FSCS on a firm, a dormant account fund operator or, where applicable, the Society, to meet relevant expenses incurred by the FSCS in connection with acting on behalf of the manager of the relevant scheme in accordance with Part 15A of FSMA.

manager of the relevant scheme

has the meaning given in section 224B(3) of FSMA.

operating a dormant account fund

means any of the regulated activities specified in:

1. (1) article 63N(1)(a) of the Regulated Activities Order (meeting of repayment claims); or
2. (2) article 63N(1)(b) of the Regulated Activities Order (managing dormant account funds (including the investment of such funds)).

relevant expenses

means management expenses as defined in section 224F(7) of FSMA.

relevant scheme

means a scheme or arrangement (other than the Financial Services Compensation Scheme) for the payment of compensation (in certain cases) to customers (including customers outside the United Kingdom) in respect of deposits or under contracts of insurance or in respect of similar financial services.