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.



Similar Matches

Consumer Credit Protection Act of 1968

Consumer Credit Protection Act of 1968

Federal legislation establishing rules for the disclosure of the terms of a loan to protect borrowers. See: Truth in lending.


Payment protection insurance

Payment protection insurance

A 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 protection

Mortgage protection

Term 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 protection

Content protection

See domestic content protection.


Call protection

Call protection

A feature of some callable bonds that establishes an initial period when the bonds may not be called.


Further Suggestions

Externalities argument for protection
Foreign 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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