Depositor and dormant account protection

This Overview is a guide to the Lexis+® UK Financial Services content within the Depositor and dormant account protection subtopic, with links to the appropriate materials.

The Financial Services Compensation Scheme

The Deposit Guarantee Schemes Directive (2014/49/EU) (DGSD) requires EU Member States to establish a depositor protection scheme, offering minimum levels and scope of protection to customers of Investor Compensation Schemes Directive (ICSD) and Deposit Guarantee Schemes Directive (DGSD) firms (see Practice Notes: Investor Compensation Schemes Directive and

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Latest Financial Services News

EPC seeks service provider for VoP scheme test environment

The European Payments Council (EPC) has launched a request for proposal (RFP) for the selection of a technology service provider in charge of providing, operating and supporting a test environment for the validation and self-certification of the verification of payee (VOP) API (both server-side and client-side) by the scheme participants. Responses are sought by 17 January 2025.

FCA’s 2024 consumer focus still has firms guessing

Law360, London: The Financial Conduct Authority (FCA) shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.

Financial Services—other developments (23/12/2024)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

ECB fines BNP Paribas Fortis SA/NV for intentionally breaching credit risk reporting rules

The European Central Bank (ECB) has imposed an administrative penalty of €10.4m on BNP Paribas Fortis SA/NV for reporting miscalculated risk-weighted assets for credit risk. The bank may challenge the ECB’s decision before the Court of Justice of the European Union.

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