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3.—(1) In these Regulations “compensation scheme member” means an institution that—
(a)is not a member of a non-UK deposit guarantee scheme; and
(b)falls into one of the categories of institution specified in paragraph (2).
(2) The categories of institution mentioned in paragraph (1)(b) are—
(a)an institution that—
(i)is incorporated in or formed under the law of any part of the United Kingdom;
(ii)is not an insurer; and
(iii)has permission under Part 4A of FSMA to carry on the regulated activity(1) of accepting deposits;
(b)a building society within the meaning of section 119 of the Building Societies Act 1986(2);
(c)a credit union; or
(d)an institution that—
(i)has its head office outside the United Kingdom;
(ii)is not an incoming firm or an insurer; and
(iii)has permission under Part 4A of FSMA to carry on the regulated activity of accepting deposits.
(3) For the purposes of this regulation—
(a)“incoming firm” has the meaning given in section 193(1) (interpretation of Part 13) of FSMA(3); and
(b)“insurer” means an institution which is authorised under Part 4A of FSMA to carry on the regulated activity of effecting or carrying out contracts of insurance as principal.
“regulated activity” is defined in section 417 of FSMA.
Section 193(1) was amended by S.I. 2011/1613; S.I. 2013/1773.
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