Effective 1 April 2026, we have taken over functions relating to the administration of the Jersey Bank Depositors Compensation Scheme (JDCS). Additionally, our name has changed to the Jersey Resolution and Depositors Compensation Authority (JRDCA).
To facilitate administration of the JDCS and in line with our new powers under the amended Bank (Recovery, Resolution and Depositors' Compensation) (Jersey) Law 2017 (Resolution Law), we have today published a range of material that is relevant to all Jersey banks, but especially to those who accept deposits from eligible depositors.
We have published our Single Customer View (SCV) Specification, which sets out the detailed technical specification relating to preparation of banks' SCV files. This represents the specified format for SCV files in accordance with Article 142ZR of the Resolution Law. Accompanying our SCV Specification are a template SCV Report and an SCV File Transfer Protocol.
Additionally, in accordance with Article 14A of the Resolution Law, we have published a standard for statements about the JDCS (our JDCS Disclosure Standard). This is identical to the near-final version we published in October 2025. We expect banks to have prepared ahead of time to implement the required changes quickly following today's amendments and all adverts and documentation must be amended by 30 September 2026.
Banks should familiarise themselves with all these documents, which are set out on our Policy and Guidance page as well as on a dedicated JDCS page for banks. Links are also included below.
The amendments to the Resolution Law also introduce enhancements to the JDCS, in summary:
- the requirement for all eligible depositors to apply for compensation has been removed
- the target timeframe for making compensation payments has been reduced to seven working days
- the previous £100 million cap on the total amount of compensation that could be paid from the scheme in any five year period has been removed
Whilst the limit of compensation (£50,000) and the types of eligible depositors have not been amended, we encourage all Jersey banks to familiarise themselves with the requirements of the scheme, which are set out in Part 7A of the Resolution Law.
