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FAQ



Part A - Deposit Protection Scheme
Part B - Hong Kong Deposit Protection Board
Part C - Scheme members
Part D - Level of protection
Part E - Depositors protected
Part F - Financial products protected by the DPS
Part G - Disclosure and Representations
Part H - Compensation
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Part E - Depositors protected
Q39. Are companies protected by the DPS?
A39. Yes. Both personal and corporate depositors are protected by the DPS.
   
Q40. If I have a deposit over HK$500,000, am I protected by the DPS?
A40. Yes. You are protected by the DPS, but you will only be compensated up to a maximum of HK$500,000.
   
Q41. If I have a joint account with my spouse, are both of us protected?
A41. Holders of a joint account are normally deemed to have an equal share in the deposit. Each of them is entitled to compensation up to a maximum of HK$500,000.
   
Q42. Are deposits held by a sole proprietorship protected by the DPS?
A42. Deposits held by a sole proprietorship are protected by the DPS. Since a sole proprietorship and the sole proprietor are regarded as a single person under law, the sole proprietorship and the sole proprietor together are entitled to compensation up to a maximum of HK$500,000.
   
Q43. Are deposits held by a partnership protected by the DPS?
A43. Deposits held by a partnership are protected by the DPS. The partnership will be regarded as a person separate from its partners under the DPS Ordinance and is entitled to compensation up to a maximum of HK$500,000 on its own.
   
Q44. Are deposits held by an association, society, club, or other unincorporated entities protected by the DPS?
A44. Each separate legal entity will be protected up to a maximum of HK$500,000.
   
Q45. Are deposits held in a trust account or a client account protected by the DPS?
A45. Deposits held in trust and client accounts are protected by the DPS. The DPS Ordinance has laid down clear rules on how such deposits are protected.
   
Q46 Who are excluded from the protection of the DPS?
A46.
According to the DPS Ordinance, several types of persons (the excluded persons) are not protected by the DPS:
  • a related company of the Scheme member
  • a multilateral development bank as defined in section 2(1) of the Banking Ordinance
  • an authorized institution, i.e. licensed banks, restricted licence banks and deposit-taking companies
  • a foreign bank which is not an authorized institution in Hong Kong
  • the senior management, controllers and directors of the Scheme member and its related companies

 
 


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