# Finance Act 2011, Paragraph 29

Extent: E+W+S+N.I.

(1) Liabilities representing protected deposits are excluded.
(2) A deposit is “protected” so far as it is covered by the Financial Services Compensation Scheme under section 213 of FISMA 2000 (“the FSCS”).
(3) A deposit is “protected” so far as it is covered by a scheme which—
(a) operates outside the United Kingdom, and
(b) is comparable to the FSCS.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) A deposit is “protected” so far as it is covered by a guarantee—
(a) which is given explicitly by a national government (other than the government of the United Kingdom), and
(b) under which the government guarantees to compensate depositors for losses on their deposits.
(8) In sub-paragraph (2)... “ deposit ” has the meaning given by article 5(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544).
(9) In sub-paragraphs (3) and (7)... “ deposit ” has the meaning given by article 5(2) of that Order but ignoring the exclusions in articles 6 to 9AB.
(10) If two or all of sub-paragraphs (2), (3) and (7) apply to a deposit, the amount of the deposit “protected” is the highest amount which results from any one of those sub-paragraphs.

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Source: https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/29 (the official version)
Page: https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-29
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.