licensed deposit taker


Also found in: Acronyms.

licensed deposit taker

a COMMERCIAL BANK, SAVINGS BANK, FINANCE HOUSE or other financial institution that is recognized by the Bank of England as being allowed to operate a banking service and is therefore subject to credit controls.
References in periodicals archive ?
This scheme by law protects depositors in any UK bank, building society or other licensed deposit taker.
He decried the then widespread practice of licensed deposit takers simply targeting public institutions for deposits that were then used as trading capital for preferred customers who were often directors or shareholders of the banks themselves.
Credit unions are licensed deposit takers, authorised and regulated by the Financial Services Authority.
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