Financial Services and Markets Act 2000 (c. 8)

[F1 Part 15A U.K. Power to require FSCS manager to act in relation to other schemes

Textual Amendments

F1 Pt. 15A inserted (12.10.2010) by Financial Services Act 2010 (c. 28), ss. 17, 26(3); S.I. 2010/2480, art. 2(d)

Rules U.K.

224F Rules about relevant schemes U.K.

(1) The [F2 regulators] may by rules make provision in connection with the exercise by the FSCS manager of functions in respect of relevant schemes.

(2) The provision that may be made by the rules includes any provision corresponding to provision that could be contained in the FSCS; but this is subject to subsections (3) and (4).

(3) The rules may confer on the FSCS manager a power to impose levies on authorised persons (or any class of authorised persons) for the purpose of meeting its management expenses incurred in connection with its functions in respect of relevant schemes.

(4) But if the rules confer such a power they must provide that the power may be exercised in relation to expenses incurred in connection with a relevant scheme only if the FSCS manager has tried its best to obtain reimbursement of the expenses from the manager of the relevant scheme.

(5) The rules may apply any provision of the FSCS, with or without modifications.

(6) An amount payable to the FSCS manager as a result of any provision of the rules made by virtue of subsection (3) may be recovered as a debt due to the FSCS manager.

(7) References to the FSCS manager's “management expenses” are to its expenses incurred otherwise than in paying compensation.]

Textual Amendments

F2 Word in s. 224F(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 38(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.