Important Information regarding FSCS
Important regulatory changes to the Financial Services Compensation Scheme (FSCS) are coming into effect from 3rd July 2024. These changes will impact account application forms and disclosure information provided to customers.
Why are these changes being made
These disclosure changes have been issued by the Prudential Regulatory Authority (PRA) and are part of a package of measures to support orderly and timely payouts of FSCS-covered deposits to depositors. As a result of these changes, all banks will now be required to provide a 2 page prescriptive FSCS Information Sheet and Exclusions List document to all customers before account opening.
Changes to Term Deposit Renewals
Please be aware that FSCS changes have also resulted in modifications to our term deposit renewal process. A Maturity Options Form will now be required when providing written instructions for a maturing term deposit. This form will be included in the maturity pack sent to those customers with a 6 month term and above. After the 3rd July no other form of written instruction can be actioned.
From 3rd July:
- Customers will need to be given or download a copy of the FSCS Information Sheet and Exclusions List.
- Customers must provide their acknowledgment of receipt of the Information Sheet and Exclusions List by initialling in the Acceptance section in the Application form.
- Any application received without the customer’s acknowledgement will result in delays to account opening.
- New application forms, Information Sheet and Exclusions List will be available on the Access Capitol Bank website in the literature section.
- All written instructions for maturing term deposits should be made using the Term Deposit Maturity Options Form.
Should you require further information on the FSCS or to find out whether you are eligible for cover please visit www.FSCS.org.uk.
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