(1) In these Regulations "compensation scheme member" means an institution that - (a) [deleted] (b) falls into one of the categories of institution specified in paragraph (2).

(2) The categories of institution mentioned in paragraph (1)(b) are -

(a) an institution that -

(i) is incorporated in or formed under the law of any part of the United Kingdom;

(ii) is not an insurer; and

(iii) has permission under Part 4A of FSMA to carry on the regulated activity ["regulated activity" is defined in section 417 of FSMA.] of accepting deposits;

(b) a building society within the meaning of section 119 of the Building Societies Act 1986 [1986 c. 53.];

(c) a credit union; or