PART 2 U.K.Depositor preference and the Financial Services Compensation Scheme

Financial Services Compensation Scheme U.K.

14 Discharge of functions by the scheme manager U.K.

After section 224 of FSMA 2000 insert—

“224ZA Discharge 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).”

Commencement Information

I1 S. 14 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

F1 15Power to require information from scheme manager U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 15 omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 62(4), 86(2)(h)

16 Scheme manager: appointment of accounting officer U.K.

(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”, 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 ”.

Commencement Information

I2 S. 16 in force at 1.4.2014 by S.I. 2014/377, art. 2(2)(a)