Compensation Scheme - Banks
The Isle of Man has a depositors’ compensation scheme (DCS) which may compensate you if a Class 1(1) bank in which you have deposited money fails. Note that deposits with a Class 1(2) bank are NOT protected by the DCS. Class 1(3) banks are not permitted to take deposits in the Isle of Man. Please read the DCS Regulations 2010 for full details of the 2010 DCS (in operation from 23 October 2010). Deposit compensation schemes in the UK, Ireland or elsewhere do not cover deposits with banks or building societies in the Isle of Man.
Please click on the following links for further information:
- Guidance for consumers
- 2010 Regulations [current]
- 2008 Regulations [revoked, except as regards the fund established in respect of Kaupthing Singer and Friedlander (Isle of Man) Limited]
- 1991 Regulations [now revoked, but retained for information purposes]
- Depositors’ Compensation Scheme Annual Report (year end 31 March 2017) (2008 Regulations)
- Depositors’ Compensation Scheme Annual Report (year end 31 March 2018) (2008 Regulations)
- Deposit takers in the DCS
- List of ALL deposit takers (banks and building societies) which are licensed in the Isle of Man.
Kaupthing Singer & Friedlander (Isle of Man) Limited
Information in relation to the depositors compensation scheme on Kaupthing Singer & Friedlander (Isle of Man) Limited can be accessed here.