Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Part 2 · Deposit Insurance Scheme
5. Membership of DI Scheme
Feedback & supportEvery full bank or finance company which is not exempted under section 6 is a DI Scheme member so long as it holds a valid licence under the Banking Act 1970 or the Finance Companies Act 1967, as the case may be.
full bank
“full bank” means any bank holding a licence granted by the Authority under the Banking Act 1970 which permits the bank to carry on the full range of banking business;
Every full bank or finance company, which holds a valid licence under the Banking Act 1970 or the Finance Companies Act 1967 (as the case may be) immediately before 1 May 2011, is deemed to be a DI Scheme member from that date.
finance company
“finance company” has the meaning given by section 2 of the Finance Companies Act 1967;
Every full bank or finance company, which is granted a licence under the Banking Act 1970 or the Finance Companies Act 1967 (as the case may be) on or after 1 May 2011, is a DI Scheme member from the date on which its licence is granted.