32. Deposits in own right and joint accounts
Feedback & supportWhere an insured depositor holds an insured deposit in his own right, the insured depositor is entitled, in respect of the insured deposit as at the quantification date, to compensation from the Fund.
insured depositor
“insured depositor” means any of the following depositors: (a)an individual, except an individual who places a deposit in an account with a Scheme member in the name of a partnership or sole proprietorship;(b)a charity as defined in section 2(1) of the Charities Act, which is —(i)registered under section 5 of that Act;(ii)specified in the Schedule to that Act; or(iii)excepted by regulations made under that Act;(c)such other person or class of persons as may be prescribed,and includes —(i)in the case of a deposit held by a trustee under a trust, a beneficiary of the trust who is a person specified in paragraph (a), (b) or (c) or the estate of a deceased person; and(ii)in the case of a deposit held by a depositor in a client account, the depositor’s client who is a person specified in paragraph (a), (b) or (c) and whose moneys are held in the client account;
Where there are 2 or more insured depositors in respect of any insured deposit, each of those insured depositors is entitled, in respect of his share in the insured deposit as at the quantification date, to compensation from the Fund.
insured deposit
“insured deposit” has the meaning as specified in the First Schedule;
For the purposes of determining the share of an insured depositor in an insured deposit under subsection (2), each depositor holding such an insured deposit, whether or not he is an insured depositor, shall be deemed to have an equal share in the insured deposit unless there is an express provision to the contrary in the books of the failed Scheme member.
depositor
“depositor” means any person who is entitled to repayment of a deposit, whether or not the deposit is made by him;
For the avoidance of doubt —
any insured deposit of a deceased person held in an estate account shall be treated as an insured deposit held by the deceased person in his own right; and
subsection (3) does not affect any rights as between the depositors themselves.