Part

COMP Compensation Sourcebook

Chapter

Disclosure requirements for firms that accept deposits

Printed on: 19/06/2024

Rulebook at: 01/08/2009

COMP 16

Disclosure requirements for firms that accept deposits

COMP 16.1

Application and purpose

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COMP 16.1.1

handbook-rule
This chapter applies to:
(1) a UK domestic firm that accepts deposits;
(2) a non-EEA firm that accepts deposits in the United Kingdom; and
(3) an incoming EEA firm that accepts deposits through a UKbranch.
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COMP 16.1.2

handbook-guidance
The purpose of this chapter is to set out the information about compensation that these firms must disclose, and the methods of communication which should be used.
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COMP 16.2

Informing depositors of limitations to coverage

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COMP 16.2.1

handbook-rule
(1) If a protected deposit is not protected by the compensation scheme, the firm must inform the depositor accordingly.
(2) A firm must make the information required by (1) available in a readily comprehensible manner.
[Note: article 9(1) of the Deposit Guarantee Directive]
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COMP 16.2.2

handbook-rule
When providing the information required by COMP 16.2.1 R, a firm must use the communication channels it normally uses when communicating with its depositors.
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