DPS- Does govt guarantee it?

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    DPS- Does govt guarantee it?

    What happens if the bank holding DPS money goes under? Will all dpeosit money go with it?

    #2
    Legal answer: Any Bank or Building Society receiving funds treats the payer as either a shareholder or a depositor. Even a BS investment is usually "Paid-Up Shares". The difference is that, on insolvency of the Bank/BS, shareholders receive money back ahead of secured creditors who receive money ahead of depositors (who are - at law- mere unsecured creditors of the Bank/BS).

    Real answer: HMG guarantees the first £35 000 as a minimum but would probably cover the entire account balance if it became jeopardised (see Northern Rock).
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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