Isle of Man Finance

The Isle of Man has a depositors’ compensation scheme ("DCS2). The DCS partially compensates you if a bank or building society (deposit taker) in which you have deposited money fails. To pay compensation, a DCS fund is created (when needed) from contributions made by other deposit takers in the Isle of Man. Deposit takers are banks and building societies.

A summary of the cover provided by the DCS is as follows: The DCS compensates people who have money in current and deposit accounts in the Isle of Man with up to £50,000 of net deposits* per individual depositor per deposit taker, if this bank or building society fails. This means that a maximum of £50,000 compensation is payable per individual.* Net deposits: Loans may be netted off against any deposits you have with the same deposit taker. If two or more individuals share a joint account, they would each be entitled to up to £50,000 in compensation. However, if either individual has any other accounts with that same bank or building society, these balances would also need to be taken into consideration, as compensation is limited to £50,000 per individual.

For more information please click here.

Click here to view the Compensation of Depositors Regulations 2008 (9th October 2008).