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 Glossary   >   D   >   "Deposit Protection Scheme" Definition   

        Deposit Protection Scheme

A scheme set up to give limited financial protection to people with deposits in authorised banks which fail. Banks are authorised 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 authorised 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.

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


Deposit Protection Scheme : a scheme set up to give limited financial protection to people with deposits in authorised banks which fail. banks are authorised 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 authorised 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.