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Financial Services (Banking Reform) Act 2013

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Changes over time for: Cross Heading: Financial Services Compensation Scheme

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Version Superseded: 29/08/2023

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Status:

Point in time view as at 01/12/2020.

Changes to legislation:

Financial Services (Banking Reform) Act 2013, Cross Heading: Financial Services Compensation Scheme is up to date with all changes known to be in force on or before 09 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Financial Services Compensation SchemeU.K.

14Discharge of functions by the scheme managerU.K.

After section 224 of FSMA 2000 insert—

224ZADischarge of functions

(1)In discharging its functions the scheme manager must have regard to—

(a)the need to ensure efficiency and effectiveness in the discharge of those functions, and

(b)the need to minimise public expenditure attributable to loans made or other financial assistance given to the scheme manager for the purposes of the scheme.

(2)In subsection (1)(b) “financial assistance” includes the giving of guarantees and indemnities and any other kind of financial assistance (actual or contingent).

Commencement Information

I1S. 14 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

15Power to require information from scheme managerU.K.

After section 218A of FSMA 2000 insert—

218BTreasury's power to require information from scheme manager

(1)The Treasury may by notice in writing require the scheme manager to provide specified information or information of a specified description that the Treasury reasonably require in connection with the duties of the Treasury under the Government Resources and Accounts Act 2000.

(2)Information required under this section must be provided before the end of such reasonable period as may be specified.

(3)Specified” means specified in the notice.

Commencement Information

I2S. 15 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

16Scheme manager: appointment of accounting officerU.K.

(1)Section 212 of FSMA 2000 (the scheme manager of the Financial Services Compensation Scheme) is amended as follows.

(2)In subsection (3)—

(a)omit the “and” following paragraph (a),

(b)after that paragraph insert—

(aa)a chief executive (who is to be the accounting officer); and, and

(c)in paragraph (b), after “chairman” insert “ and chief executive ”.

(3)In subsection (4)—

(a)after “chairman”, in the first place, insert “ , chief executive ”, and

(b)after “chairman”, in the second place, insert “ and the chief executive ”.

Commencement Information

I3S. 16 in force at 1.4.2014 by S.I. 2014/377, art. 2(2)(a)

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