The PRA has issued a policy statement entitled “Depositor protection: Identity verification” which provides feedback to consultation paper (CP) 3/21 on the same subject. The final policy set out in the statement requires:
- amendments to the Depositor Protection Part of the PRA Rulebook (Appendix 1); and
- updates to Supervisory Statement (SS) 18/15 ‘Depositor and dormant account protection’ (Appendix 2).
The changes will:
- amend existing depositor protection rules to allow identity verification to be carried out retrospectively, if a responsible person had not already done so before the compensation date, for the purposes of determining the eligibility of depositors and ultimate beneficiaries for FSCS protection; and
- introduce a new expectation in SS18/15 that insolvency practitioners should carry out identity verification in the event that a responsible person had not done so by the compensation date.