C5C6C7C8 Part XV The Financial Services Compensation Scheme

Annotations:
Modifications etc. (not altering text)
C6

Pt. 15 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. 29 (with art. 30(6))

C7

Pt. 15 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. 14 (with art. 15(8)

C8

Pt. 15 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. 15 (with art. 16(8))

Information and documents

C1219 Scheme manager’s power to require information.

1

The scheme manager may, by notice in writing F1require a person—

a

to provide specified information or information of a specified description; or

b

to produce specified documents or documents of a specified description.

F21A

A requirement may be imposed only—

a

on a person (P) against whom a claim has been made under the scheme,

b

on a person (P) who is unable or likely to be unable to satisfy claims under the scheme against P,

c

on a person (“the Third Party”) whom the scheme manager thinks was knowingly involved in matters giving rise to a claim against another person (P) under the scheme, or

d

on a person (“the Third Party”) whom the scheme manager thinks was knowingly involved in matters giving rise to the actual or likely inability of another person (P) to satisfy claims under the scheme.

1B

For the purposes of subsection (1A)(b) and (d) whether P is unable or likely to be unable to satisfy claims shall be determined in accordance with provision to be made by the scheme (which may, in particular—

a

apply or replicate, with or without modifications, a provision of an enactment;

b

confer discretion on a specified person).

C2C3C42

The information or documents must be provided or produced—

a

before the end of such reasonable period as may be specified; and

b

in the case of information, in such manner or form as may be specified.

3

This section applies only to information and documents the provision or production of which the scheme manager considersF3 to be necessary (or likely to be necessary) for the fair determination of claims which have been or may be made against P.

F43A

Where a stabilisation power under Part 1 of the Banking Act 2009 has been exercised in respect of a bank, F5building society or credit union, the scheme manager may by notice in writing require F6the bank, building society or credit union, or the Bank of England, to provide information that the scheme manager requires for the purpose of F7determining the matters mentioned in section 214D(2)(a) and (b) above.

C2C3C44

If a document is produced in response to a requirement imposed under this section, the scheme manager may—

a

take copies or extracts from the document; or

b

require the person producing the document to provide an explanation of the document.

C2C3C45

If a person who is required under this section to produce a document fails to do so, the scheme manager may require the person to state, to the best of his knowledge and belief, where the document is.

6

If F8P is insolvent, no requirement may be imposed under this section on a person to whom section 220 or 224 applies.

C2C3C47

If a person claims a lien on a document, its production under this Part does not affect the lien.

8

F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9

“Specified” means specified in the notice given under subsection (1).

10

F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .