[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)

Power to require FSCS manager to act U.K.

224C Power to require FSCS manager to act on behalf of manager of relevant scheme U.K.

(1) This section applies if compensation is payable under a relevant scheme.

(2) The Treasury may by notice require the FSCS manager to exercise (on behalf of the manager of the relevant scheme) specified functions in respect of specified claims for compensation under the relevant scheme.

(3) A notice may be given only with the consent of the manager of the relevant scheme.

(4) In subsection (2) “specified” means specified, or of a description specified, in the notice.

(5) Claims or descriptions of claims may be specified by reference to the persons or description of persons whose claims they are.]