BKM502300 - Code population: deposit takers

In practice a company (including a foreign company operating in the UK through a permanent establishment) which is authorised to accept deposits in the UK and is undertaking that regulated activity at the end of the reporting period will be in the Code population. If the company does not come within the bank levy population, for example because it is part of a non-banking group and is let out under the exempt activities test (see BKLM242600+), it is brought within the Code population as it meets the definition of a bank in section ITA07/S991(2)(b).

An entity meets the definition of a bank in section ITA07/S991(2)(b)if it is:

• a person who has permission under FSMA00/PART4A to accept deposits.

Any entity which meets this definition will be included on the list of PRA regulated banks which is published monthly on the Bank of England website.

If an entity is on the Bank of England list and is accepting deposits, it is within the Code population. An entity may receive authorisation to accept deposits before it begins banking activity. If that entity is not part of a group which is already within the Code population, we would not regard that entity as within the Code population until it begins banking activity.

A building society which is authorised to take UK deposits and is undertaking that regulated activity will always be within the Code population. The Bank of England publishes a separate list of PRA-regulated building societies on the same page as the list of PRA regulated banks.