PART 3FINANCIAL SERVICES COMPENSATION SCHEME
Amendments to Part 3 of the first Order10
1
Part 3 of the first Order (Financial Services Compensation Scheme) shall be amended as follows.
2
In article 13 (sums to be paid to Deposits Management (Heritable) following the transfer), insert at the end—
7
The liability referred to in paragraph (1)(a) shall be assessed by the FSCS and, in so doing, the FSCS may calculate, by any methodology or approach it considers appropriate, the total amounts of compensation that would have been paid to all eligible claimants, if (and to the extent that) it considers that the costs of ascertaining the entitlement to and amount of compensation by reference to each qualifying claimant would exceed or be disproportionate to the benefit of doing so.
3
In paragraph (3) of article 15 (liability of Heritable to the FSCS and the Treasury) —
a
after “administration” in each place where it occurs insert “or liquidation”;
b
substitute for “would have been provable”, “the FSCS is entitled to recover”.