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PRA publishes Policy Statement 10/22: Depositor protection


On 28 November 2022, the Prudential Regulation Authority (PRA) published Policy Statement 10/22: Depositor Protection (PS10/22). In PS10/22 the PRA sets out final rules and provides feedback to its earlier consultation on depositor protection (Consultation Paper 9/22 (CP9/22)).

Earlier consultation

In CP9/22, the PRA proposed to delete:

  • Rules 13.4 – 13.8 and amend the rules in 15.2 – 15.4 and 15.7 in the Depositor Protection Part of the PRA Rulebook, together the ‘COA rules’.
  • The Dormant Account Scheme (DAS) rules from the PRA Rulebook and make other necessary consequential amendments.

Furthermore, CP9/22 contained a number of other proposals, including consequential amendments to PRA Supervisory Statement 18/15 ‘Depositor and dormant account protection’ (SS18/15).

Final rules

In PS10/22 the PRA sets out its final rules proceeding on the basis it consulted on albeit that it has amended some typographical errors that were in its consultation proposals.

The PRA is also deleting the Dormant Account Scheme Statement of Policy aimed at the Financial Services Compensation Scheme. The intention to delete the Statement of Policy was mistakenly omitted in CP9/22. However, there is little impact from this error as the Statement of Policy would become obsolete once the DAS rules are deleted.

The PRA will reflect all the changes to SS18/15 resulting from the CP9/22 consultation process, (including those to reflect changes to the COA rules and DAS rules that are set out in PS10/22), after the whole CP9/22 process has concluded.

Going forward

The changes to the COA rules and DAS rules will come into effect on 30 November 2022. The Statement of Policy will also be deleted on the 30 November 2022.



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