The Credit Institutions (Protection of Depositors)Regulations 1995

Information in advertisements

48.—(1) In this regulation “deposit advertisement” means any advertisement containing—

(a) an invitation to make a deposit; or

(b) information which is intended or might reasonably be presumed to be intended to lead directly or indirectly to the making of a deposit,

and for the purposes of this regulation an advertisement includes any means of bringing such an invitation or such information to the notice of the person or persons to whom it is addressed and any reference to the issue of an advertisement shall be construed accordingly.

(2) Subject to the provisions of this regulation, no deposit advertisement which is issued in the United Kingdom and relates to any of the following, namely, a UK institution, a building society, an EEA institution and a non-EEA institution, shall include any information about—

(a) the protection available to its depositors under the relevant UK scheme; or

(b) the protection so available under any host State scheme or home State scheme.

(3) A deposit advertisement may include—

(a) if it relates to a UK institution or a building society, a statement to the effect—

(i) that most relevant deposits with the institution or society are protected by the relevant UK scheme; and

(ii) where the institution or society participates in a host State scheme, that supplemental protection is afforded to such deposits by that scheme;

(b) if it relates to an EEA institution, a statement to the effect—

(i) that most relevant deposits with the institution are protected by its home State scheme; and

(ii) where the institution participates in a UK scheme, that supplemental protection is afforced to such deposits by that scheme;

(c) if it relates to a non-EEA institution which is participating in the deposit protection scheme, a statement to the effect that most relevant deposits with the institution are protected by that scheme;

(d) if it relates to a non-EEA institution which is not participating in the deposit protection scheme, a statement to the effect that most relevant deposits with the institution are protected by its home State scheme.

(4) A deposit advertisement which includes a statement authorised by paragraph (3) above may also include—

(a) a statement as to the level of the protection afforded by the scheme or, as the case may be, each of the schemes referred to in the statement so authorised; and

(b) a statement to the effect that additional information about that scheme or each of those schemes may, in accordance with regulation 46 above, be obtained by any depositor or intending depositor who requests it.

(5) Nothing in this regulation shall be taken to prohibit the inclusion, in any explanatory literature which relates to the making of deposits and is supplied to depositors or intending depositors in the ordinary course of business, of any information required by regulation 46(4) above.

(6) In this regulation—

“relevant deposit” has the same meaning as in regulation 47 above;

“the relevant UK scheme”—

(a)

in relation to a UK institution, means the deposit protection scheme;

(b)

in relation to a building society, means the investor protection scheme;

(c)

in relation to a participating EEA institution, means the UK scheme in which it is participating.

(7) Subsections (6) and (7) of section 32 of the 1987 Act (advertisement regulations) shall apply for the purposes of this regulation as they apply for the purposes of that section; and in subsection (6) of that section as it so applies the reference to deposits shall be construed in accordance with regulation 2(2) above.