PRA finalises changes following depositor protection consultation

PRA has published its Policy Statement CP9/22, which gives feedback on the response to the Depositor Protection Consultation Paper (CP). CP9/22 also contains PRA’s final rules.

PRA proposed to delete the Dormant Account Scheme (DAS) Rules and the Continuity of Access (CoA) Rules. PRA received one response to the CP. The responder agreed with the proposals to revoke the CoA Rules and deletion of the DAS Rules but requested that the PRA provide 18 months’ notice should the CoA Rules be reintroduced in the future.

As of 30 November 2022, the changes to the CoA Rules and DAS Rules are in effect. The DAS SoP was also deleted on the same date.

Another consultation is now open concerning additional proposals set out in CP9/22. Responses to this consultation must be submitted by Friday 16 December 2022.

Nicola Radford