PART 2Depositor preference and the Financial Services Compensation Scheme
Financial Services Compensation Scheme
I114Discharge of functions by the scheme manager
After section 224 of FSMA 2000 insert—
224ZADischarge of functions
1
In discharging its functions the scheme manager must have regard to—
a
the need to ensure efficiency and effectiveness in the discharge of those functions, and
b
the need to minimise public expenditure attributable to loans made or other financial assistance given to the scheme manager for the purposes of the scheme.
2
In subsection (1)(b) “financial assistance” includes the giving of guarantees and indemnities and any other kind of financial assistance (actual or contingent).
F115Power to require information from scheme manager
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I216Scheme manager: appointment of accounting officer
1
Section 212 of FSMA 2000 (the scheme manager of the Financial Services Compensation Scheme) is amended as follows.
2
In subsection (3)—
a
omit the “and” following paragraph (a),
b
after that paragraph insert—
aa
a chief executive (who is to be the accounting officer); and
c
in paragraph (b), after “chairman” insert “
and chief executive
”
.
3
In subsection (4)—
a
after “chairman”, in the first place, insert “
, chief executive
”
, and
b
after “chairman”, in the second place, insert “
and the chief executive
”
.