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Deposit Protection Scheme

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Deposit Protection Scheme
A scheme set up to give limited financial protection to people with deposits in authorized banks which fail.

Banks are authorized and supervised by the Financial Services Authority (FSA) and they are obliged to provide details of their Deposit protection scheme and their claim procedures if requested by depositors. The FSA publishes a list of banks which are authorized under the 1987 Banking Act. The UK Deposit Protection Scheme covers 90% of a bank's total liability to a depositor subject to a set maximum.
Posted by  Institute for International Research
 
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