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Deposit Protection Scheme |
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Deposit Protection SchemeA 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.Similar MatchesConsumer Credit Protection Act of 1968Consumer Credit Protection Act of 1968Federal legislation establishing rules for the disclosure of the terms of a loan to protect borrowers. See: Truth in lending. Payment protection insurancePayment protection insuranceA type of insurance that pays your loan for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. Most non-mortgage PPI products are taken out for a length of time that corresponds to the life of the loan it is protecting. Mortgage protectionMortgage protectionTerm assurance to cover the repayment of a mortgage in the event of the death of the mortgagor during the period of the loan.In the case of a repayment mortgage the capital sum outstanding is gradually reduced over the term of the loan (albeit slowly during the initial years when the majority of the repayments are paying the interest) so that decreasing term assurance would be incorporated in the policy. For an endowment mortgage where the sum assured and the death benefit are at least equal to the amount of the loan throughout the term of the loan, level term assurance would be apt. Content protectionContent protectionSee domestic content protection. Call protectionCall protectionA feature of some callable bonds that establishes an initial period when the bonds may not be called. Further SuggestionsExternalities argument for protectionForeign investment argument for protection Effective protection Administered protection Marine Mammal Protection Act Mortgage payment protection insurance (MPPI) National defense argument for protection Self-sufficiency argument for protection Patriotism argument for protection Second-best argument for protection Employment argument for protection protection applied Cultural argument for protection Building Societies Investor Protection Scheme Protectionism loan protection policy Import protection Retirement Protection Act of 1994 Protection Securities Investor Protection Corporation Domestic content protection Tariff protection Domestic distortions argument for protection Intellectual property protection Protectionism |
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