Revised Depositors' Compensation Scheme Policy Proposals

Closed 24 Mar 2017

Opened 14 Feb 2017

Contact

Mr Colin Cowley

(Senior Policy Advisor)

Corporate Strategy Division

01624 686152

colin.cowley@gov.im

Feedback updated 22 Sep 2017

We asked

We asked for the views of the public, the banking industry and other interested bodies on a number of key overarching policy proposals which will establish a framework for the revised Depositors’ Compensation Scheme.

You said

The consultation attracted 12 responses. Most respondents recognised the need to amend the DCS for it to comply more fully with underlying international principles and were generally supportive of the proposals. A number of queries were also raised by respondents and it became evident that further clarification would be required in some areas.

We did

We have published a Summary of Responses to the Consultation document.  Noting the feedback received, the Treasury will continue to develop policy which will lead not only to a revised bank DCS, but also to establish a more effective framework of governing primary legislation covering all areas of deposit insurance.

Results updated 3 Oct 2017

Files:

Overview

This initial consultation is intended to gain the views of the public, the banking industry and other interested bodies on a number of key overarching policy proposals which will establish a framework for the revised Depositors’ Compensation Scheme.

Further consultation will then be undertaken on the revised draft scheme regulations that follow. Comments are invited on the proposed policies set out in the document.

Why your views matter

International, EU and national developments mean that it is appropriate to undertake regular reviews and make amendments to the scheme.
 
This consultation provides an opportunity to consider where changes are appropriate against such developments and also where improvements can be made to the current framework in areas such as the overall governance and public awareness of the scheme.

What happens next

The Revised Depositors’ Compensation Scheme Policy Proposals consultation attracted 12 responses. Most respondents recognised the need to amend the DCS for it to comply more fully with underlying international principles and were generally supportive of the proposals. Noting the feedback received, the Treasury will continue to develop policy which will lead not only to a revised bank DCS, but also to establish a more effective framework of governing primary legislation covering all areas of deposit insurance. 

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Tenants
  • Landlords
  • Employees
  • Older people
  • Homeowners
  • Self-employed
  • Students
  • Retired
  • Children & young people
  • Volunteers
  • Unemployed
  • Parents, carers and & guardians
  • People with disabilities or long term illness
  • Leaseholders/ landowners
  • Lesbian, gay, transgender & bisexual
  • Civil and public servants
  • Black & minority ethnic
  • Business owner
  • Road users
  • Visitors & tourists
  • Other non-resident - business interests

Interests

  • Policies, strategies & plans
  • Finance