Financial Services Authority Introduces Rules Telling Banks to Display Depositor Compensation Arrangements

The Financial Services Authority (FSA) will require all banks, building societies and credit unions to prominently display posters and stickers in branches and on websites explaining which deposit guarantee scheme applies to their customers’ deposits. These rules will take effect from 31 August this year. If customers are using the UK branch of a foreign bank from the European Economic Area, (EEA), the posters will have to set out that those customers are not covered by the UK’s Financial Services Compensation Scheme (FSCS). In this case they would have to specify which national scheme will provide protection.

Originally Published: 
28/05/2012