Financial Services: Compensation
(asked on 21st July 2015) - View Source
Question to the HM Treasury:
To ask Her Majesty’s Government, in relation to the Deposit Guarantee Scheme, whether the principle of uberrima fides applies to state insurers within the European Union, as well as private insurers.
This question was answered on 27th July 2015
The principle of uberrima fides does not apply to the UK’s Deposit Guarantee Scheme. Uberrima fides is a principle that applies to insurers and insurance contracts, but the Deposit Guarantee Scheme is not an insurance scheme and is not contractual. The duties of the Deposit Guarantee Scheme are set out in the EU Deposit Guarantee Scheme Directive and the relevant UK legislation.