PRA makes depositor protection changes

The PRA has published its policy statement on its implementation of the Bank Resolution (Recapitalisation) Act 2025, which requires it to amend the Depositor Protection Part of its Handbook. The changes:

• introduce the concept of a “recapitalisation payment levy”;
• create a new class of levy payer;
• amend the process for managing recoveries;
• make other consequential amendments to make sure provisions are consistent and remove outdated provisions.

The rule changes take effect on 16 July.