Valid from 17/02/2009
(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).
Valid from 18/06/2001
(1)Neither the scheme manager nor any person who is, or is acting as, its board member, officer or member of staff is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the scheme manager’s functions.
(2)Subsection (1) does not apply—
(a)if the act or omission is shown to have been in bad faith; or
(b)so as to prevent an award of damages made in respect of an act or omission on the ground that the act or omission was unlawful as a result of section 6(1) of the M1Human Rights Act 1998.
Modifications etc. (not altering text)
C1S. 222 modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 32 (with art. 30(6))
C2S. 222 modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644), art. 17 (with art. 15(8))
C3S. 222 modified (8.10.2008 at 10.10 a.m.) by The Transfer of Rights and Liabilities to ING Order 2008 (S.I. 2008/2666), art. 14
C4S. 222 modified (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 18 (with art. 16(8))
Marginal Citations
Valid from 18/06/2001
(1)The amount which the scheme manager may recover, from the sums levied under the scheme, as management expenses attributable to a particular period may not exceed such amount as may be fixed by the scheme as the limit applicable to that period.
(2)In calculating the amount of any levy to be imposed by the scheme manager, no amount may be included to reflect management expenses unless the limit mentioned in subsection (1) has been fixed by the scheme.
(3)“Management expenses” means expenses incurred, or expected to be incurred, by the scheme manager in connection with its functions under this Act other than those incurred—
(a)in paying compensation;
(b)as a result of any provision of the scheme made by virtue of section 216(3) or (4) or 217(1) or (6).
Commencement Information
I1S. 223 wholly in force at 1.12.2001; s. 223 not in force at Royal Assent see s. 431(2); s. 223 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 223 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
Prospective
(1)Sums levied for the purpose of maintaining a contingency fund may be paid to the Treasury.
(2)The Treasury may receive sums under subsection (1) and may set terms and conditions of receipts.
(3)Sums received shall be treated as if raised under section 12 of the National Loans Act 1968 (and shall therefore be invested as part of the National Loans Fund).
(4)Interest accruing on the invested sums may be credited to the contingency fund (subject to any terms and conditions set under subsection (2)).
(5)The Treasury shall comply with any request of the scheme manager to arrange for the return of sums for the purpose of making payments out of a contingency fund (subject to any terms and conditions set under subsection (2)).]
Valid from 17/02/2009
(1)The scheme manager may request a loan from the National Loans Fund for the purpose of funding expenses incurred or expected to be incurred under the scheme.
(2)The Treasury may arrange for money to be paid out of the National Loans Fund in pursuance of a request under subsection (1).
(3)The Treasury shall determine—
(a)the rate of interest on a loan, and
(b)other terms and conditions.
(4)The Treasury may make regulations—
(a)about the amounts that may be borrowed under this section;
(b)permitting the scheme manager to impose levies under section 213 for the purpose of meeting expenses in connection with loans under this section (and the regulations may have effect despite any provision of this Act);
(c)about the classes of person on whom those levies may be imposed;
(d)about the amounts and timing of those levies.
(5)The compensation scheme may include provision about borrowing under this section provided that it is not inconsistent with regulations under this section.]]
Textual Amendments
F2S. 223B inserted (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 173, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.
Valid from 17/02/2009
(1)Payments made by the scheme manager in error may be provided for in setting a levy by virtue of section 213, 214A, 214B or 223B.
(2)This section does not apply to payments made in bad faith.]]
Textual Amendments
F3S. 223C inserted (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 177, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.
(1)If, as a result of the insolvency or bankruptcy of a relevant person, any documents have come into the possession of a person to whom this section applies, he must permit any person authorised by the scheme manager to inspect the documents for the purpose of establishing—
(a)the identity of persons to whom the scheme manager may be liable to make a payment in accordance with the compensation scheme; or
(b)the amount of any payment which the scheme manager may be liable to make.
(2)A person inspecting a document under this section may take copies or extracts from the document.
(3)In this section “relevant person” means a person who was—
(a)an authorised person at the time the act or omission which may give rise to the liability mentioned in subsection (1)(a) took place; or
(b)an appointed representative at that time.
(4)But a person who, at that time—
(a)qualified for authorisation under Schedule 3, and
(b)fell within a prescribed category,
is not to be regarded as a relevant person for the purposes of this section in relation to any activities for which he had permission as a result of any provision of, or made under, that Schedule unless he had elected to participate in the scheme in relation to those activities at that time.
(5)This section applies to—
(a)the Official Receiver;
(b)the Official Receiver for Northern Ireland; and
(c)the Accountant in Bankruptcy.
Modifications etc. (not altering text)
C5S. 224 extended (1.12.2001) by S.I. 2001/2967, arts. 1(2), 8, 12(4)(c); S.I. 2001/3538, art. 2(1)
C6S. 224(3) excluded (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501), art. 5(1)
Commencement Information
I2S. 224 wholly in force at 1.12.2001; s. 224 not in force at Royal Assent see s. 431(2); s. 224(4) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 224 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)