1 Scheme responsible for the protection of your eligible deposit
Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of Ikano Bank AB (publ) should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.
2 General limit of protection
If a covered deposit is unavailable because a bank is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum £85,000 per bank. This means that all deposits at the same bank are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.
In some cases eligible deposits which are categorised as “temporary high balances” are protected above £85,000 for 12 months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:
(a) certain transactions relating to the depositor’s current or prospective only or main residence or dwelling;
(b) a death, or the depositor’s divorce, retirement, dismissal, redundancy or invalidity;
(c) the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.
More information can be obtained under www.riksgalden.se/en/our-operations/deposit-insurance or by contacting the Swedish National Debt Office (‘Riksgälden’) using the contact details above.
3 Limit of protection for joint accounts
In case of joint accounts, the limit of £85,000 applies to each depositor.
However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.
The responsible Deposit Guarantee Scheme is the Swedish Deposit Insurance Scheme (which is managed by the Swedish National Debt Office, ‘Riksgälden’), Riksgälden, SE-103 74 Stockholm, Sweden, Telephone: +46 8 613 52 00, e-mail: firstname.lastname@example.org. It will repay your eligible deposits (up to £85,000) within 7 working days, save where specific exceptions apply.
In the event of a reimbursement, this will be done on behalf of the Swedish Deposit Insurance Scheme by the United Kingdom Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk.
If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under www.riksgalden.se/en/our-operations/deposit-insurance
Other important information
In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Ikano Bank AB (publ) will also inform you of any exclusions from protection which may apply. If deposits are eligible, Ikano Bank AB (publ) shall also confirm this on the statement of account.
A deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact Ikano Bank AB (publ).
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following:
- credit institution
- financial institution
- investment firm
- insurance undertaking
- reinsurance undertaking
- collective investment undertaking
- pension or retirement fund
- public authority.
For further information about exclusions, refer to the Riksgälden website.
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