Banking Act 2009 (c. 1)

Part 4 U.K. Financial Services Compensation Scheme

179 Delegation of functions U.K.

(1) Before section 222 of the Financial Services and Markets Act 2000 (scheme manager: statutory immunity) insert—

“221A Delegation of functions

(1) The scheme manager may arrange for any of its functions to be discharged on its behalf by another person (a “scheme agent”).

(2) Before entering into arrangements the scheme manager must be satisfied that the scheme agent—

(a) is competent to discharge the function, and

(b) has been given sufficient directions to enable the agent to take any decisions required in the course of exercising the function in accordance with policy determined by the scheme manager.

(3) Arrangements may include provision for payments to be made by the scheme manager to the scheme agent (which payments are management expenses of the scheme manager).”

(2) In section 222(1) of that Act after “officer” insert “ , scheme agent ”.

Commencement Information

I1 S. 179 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 4