Updates to Banking Codes following changes to depositor compensation
From 1 April 2026, the Jersey Bank Depositors Compensation Scheme (JDCS) will introduce several enhancements that give bank customers faster and more certain access to compensation if a bank fails. This standard sets out how banks must explain the scheme to customers, includes transitional arrangements, and allows the Jersey Resolution and Depositors Compensation Authority (JRDCA) to grant variances where appropriate.
See Bank customers to benefit from changes to compensation scheme for details.
To support these changes, we have updated the Banking Codes to require compliance with the JDCS Disclosure Standard and removed outdated legislative references.
Next steps
Banks should review the JDCS Disclosure Standard, update customer facing materials, ensure internal teams understand the new requirements, and raise any compliance issues with the JRDCA as early as possible. The revised Banking Codes apply from 1 April 2026, and the JRDCA will share any further guidance when it is available.
See the revised Code of Practice for Deposit-taking Business.
Contact us
If you have questions about the JDCS Disclosure Standard, please contact the JRDCA.
If you have questions about the Banking Codes, contact our Policy team.