SCHEDULEClaims Management Regulations

Conduct of authorised persons

12

1

Regulations may require the Regulator to establish a scheme to compensate a client of an authorised person where—

a

money is paid to the authorised person in complete or partial satisfaction of the client's claim, and

b

the client is unable to obtain all or part of the money because the authorised person becomes insolvent or is otherwise unable or unwilling to pay.

2

In particular, regulations may make provision—

a

about the purchase of bonds or other forms of insurance or indemnity;

b

about the funding of the scheme (which may include the application of part of fees charged in accordance with paragraph 7 and may not include payments, or other financial assistance, by a Minister of the Crown);

c

about procedure in connection with compensation (including criteria to be applied);

d

about the amount of compensation.