The Jersey Bank Depositors Compensation Scheme (JDCS) forms a key part of the measures designed to safeguard depositors and maintain confidence in Jersey’s financial system. The JDCS has been enhanced to make it easier and faster for consumers to access compensation of up to £50,000 if their bank fails.
Effective 1 April 2026, the following enhancements have been made:
- removal of the requirement to apply for compensation in most cases
- the target to make compensation payments has been reduced to seven working days
- removal of the previous £100 million cap on the total amount of compensation that can be paid from the scheme in any five year period
In addition, the Jersey Resolution and Depositors Compensation Authority (JRDCA) has taken over administration of the scheme.
Find out more information about the scheme via the links below.
