Part XV The Financial Services Compensation Scheme
F1Annual plan and report
F2217BAnnual plan
(1)
The scheme manager must in respect of each of its financial years prepare an annual plan.
(2)
The plan must be prepared before the start of the financial year.
(3)
An annual plan in respect of a financial year must make provision about the use of the resources of the scheme manager.
(4)
The plan may include material relating to periods longer than the financial year in question.
(5)
Before preparing an annual plan, the scheme manager must consult such persons (if any) as the scheme manager considers appropriate.
(6)
The scheme manager must publish each annual plan in the way it considers appropriate.
218 Annual report.
(1)
At least once a year, the scheme manager must make a report to the F3regulators on the discharge of its functions.
(2)
The report must—
(a)
include a statement setting out the value of each of the funds established by the compensation scheme; and
(b)
comply with any requirements specified in rules made by the F4regulators.
(3)
The scheme manager must publish each report in the way it considers appropriate.
F5(4)
The Treasury may—
(a)
require the scheme manager to comply with any provisions of the Companies Act 2006 about accounts and their audit which would not otherwise apply to it, or
(b)
direct that any such provision of that Act is to apply to the scheme manager with such modifications as are specified in the direction.
(5)
Compliance with any requirement under subsection (4)(a) or (b) is enforceable by injunction or, in Scotland, an order for specific performance under section 45 of the Court of Session Act 1988.
(6)
Proceedings under subsection (5) may be brought only by the Treasury.
F6218ZAAudit of accounts
(1)
The scheme manager must send a copy of its annual accounts to the Comptroller and Auditor General and the Treasury as soon as is reasonably practicable.
(2)
The Comptroller and Auditor General must—
(a)
examine, certify and report on accounts received under this section, and
(b)
send a copy of the certified accounts and the report to the Treasury.
(3)
The Treasury must lay the copy of the certified accounts and the report before Parliament.
(4)
The scheme manager must send a copy of the certified accounts and the report to the regulators.
(5)
Except as provided by section 218(4), the scheme manager is exempt from the requirements of Part 16 of the Companies Act 2006 (audit), and its balance sheet must contain a statement to that effect.
(6)
In this section “annual accounts” has the meaning given by section 471 of the Companies Act 2006.