Additional information
1. Scheme responsible for the protection of your eligible
deposit
Your eligible deposit is covered by a statutory Deposit
Guarantee Scheme. If insolvency of your bank, building
society or credit union should occur, your eligible deposits
would be repaid up to £85,000 by the Deposit Guarantee
Scheme.
2. General limit of protection
If a covered deposit is unavailable because a bank,
building society or credit union is unable to meet its
financial obligations, depositors are repaid by a Deposit
Guarantee Scheme. This repayment covers a maximum of
£85,000 per bank, building society or credit union. This
means that all eligible deposits at the same bank, building
society or credit union are added up in order to determine
the coverage level. If, for instance a depositor holds a
savings account with £80,000 and a current account with
£20,000, he or she will only be repaid £85,000.
This method will also be applied if a bank, building society or credit union operates under different trading names. Daven Trust Capital plc also trades under Daven Trust and Daven Trust. This means that all eligible deposits with one or more of these trading names are in total covered up to £85,000.
In some cases eligible deposits which are categorised as “temporary high balances” are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable (temporarily extended to 12 months for eligible deposits which are credited or become legally transferable (whichever is later) before 1 February 2021). These are eligible deposits connected with certain events including:
(a) certain transactions relating to the depositor’s current
or prospective only or main residence or dwelling;
(b) a death, or the depositor’s marriage or civil partnership,
divorce, retirement, dismissal, redundancy or invalidity;
(c) the payment to the depositor of insurance benefits or
compensation for criminal injuries or wrongful conviction.
More information can be obtained under
www.fscs.org.uk
3. Limit of protection for joint accounts
In case of joint accounts, the limit of £85,000 applies to
each depositor.
However, eligible deposits in an account to which two or
more persons are entitled as members of a business
partnership, association or grouping of a similar nature,
without legal personality, are aggregated and treated as if
made by a single depositor for the purpose of calculating
the limit of £85,000.
4. Reimbursement
The responsible Deposit Guarantee Scheme is the
Financial Services Compensation Scheme,
10th Floor Beaufort House,
15 St Botolph Street,
London,
EC3A 7QU
Tel: 0800 678 1100 or 020 7741 4100
Email: [email protected]
It will repay your eligible deposits (up to £85,000) within 20
working days until 31 December 2018; within 15 working
days from 1 January 2019 until 31 December 2020; within
10 working days from 1 January 2021 to 31 December 2023;
and within 7 working days from 1 January 2024 onwards,
save where specific exceptions apply.
Where the FSCS cannot make the repayable amount
available within 7 working days, it will, from 1 June 2016 until
31 December 2023, ensure that you have access to an
appropriate amount of your covered deposits to cover the
cost of living (in the case of a depositor which is an
individual) or to cover necessary business expenses or
operating costs (in the case of a depositor which is not an
individual or a large company) within 5 working days of a
request.
If you have not been repaid within these deadlines, you
should contact the Deposit Guarantee Scheme since the
time to claim reimbursement may be barred after a certain
time limit. Further information can be obtained under
www.fscs.org.uk
Other important information
In general, all retail depositors and businesses are covered
by Deposit Guarantee Schemes. Exceptions for certain
deposits are stated on the website of the responsible
Deposit Guarantee Scheme. Your bank, building society or
credit union will also inform you of any exclusions from
protection which may apply. If deposits are eligible, the
bank, building society or credit union shall also confirm this
on the statement of account.
FSCS Exclusion List
A deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit have
never been identified in accordance with money laundering
requirements. For further information, contact your bank, building society
or credit union.
(2) The deposit arises out of transactions in connection with
which there has been a criminal conviction for money
laundering.
(3) It is a deposit made by a depositor which is one of the
following:
- credit institution
- financial institution
- investment firm
- insurance undertaking
- reinsurance undertaking
- collective investment undertaking
- pension or retirement fund1
- public authority, other than a small local authority.
(4) It is a deposit of a credit union to which the credit union itself
is entitled.
(5) It is a deposit which can only be proven by a financial
instrument2 unless it is a savings product which is evidenced by a
certificate of deposit made out to a named person and which
existed in the UK, Gibraltar or a Member State of the EU on 2 July
2014).
(6) It is a deposit of a collective investment scheme which qualifies
as a small company.3
(7) It is a deposit of an overseas financial services institution which
qualifies as a small company.4
(8) It is a deposit of certain regulated firms (investment firms,
insurance undertakings and reinsurance undertakings) which
qualify as a small business or a small company5 refer to the FSCS
for further information on this category.
(9) It is not held by an establishment of a bank, building society or
credit union in the UK or, in the case of a bank or building society
incorporated in the UK, it is not held by an establishment in
Gibraltar.
For further information about exclusions, refer to the FSCS website
at fscs.org.uk
1 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension
schemes of micro, small and medium sized enterprises are not excluded.
2 As listed in Part I of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, read with Part 2 of that Schedule
3 Under the Companies Act 1985 or Companies Act 2006
4 See footnote 3
5 See footnote 3