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ARTICLE · 17 FEBRUARY 2020

Further Safeguards For Jersey Depositors

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The Banking Business (Depositors Compensation) (Amendment No. 2) (Jersey) Regulations 2020 (the Regulations) came into force on Tuesday 28 January 2020.

JerseyFinance and Banking
Andrew Weaver
Andrew Weaver
Gemma Whale
Gemma Whale
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The Banking Business (Depositors Compensation) (Amendment No. 2) (Jersey) Regulations 2020 (the Regulations) came into force on Tuesday 28 January 2020.

The Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (the DCS Regulations), established the Jersey Bank Depositors Compensation Scheme (the DCS). In the unlikely event of a Jersey bank failure, the DCS will pay compensation to eligible depositors as quickly as possible, with the aim of preventing hardship.

The Regulations amend the DCS Regulations in order to add provisions that make it a criminal offence for a person, in connection with an application to the Jersey Bank Depositors Compensation Board (the Board) in connection with an application for compensation, to knowingly or recklessly provide information that is false or provide a document that contains such information. Such an offence is punishable by imprisonment for a term of two years and imposition of a fine.

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