SCHEDULES

SCHEDULE 1Ring-fencing transfer schemes

I19

1

Section 110 (right to participate in proceedings) is amended as follows.

2

In subsection (1), after “section 107” insert “ relating to an insurance business transfer scheme, a banking business transfer scheme or a reclaim fund business transfer scheme ”.

3

After subsection (2) insert—

3

Subsections (4) and (5) apply where an application under section 107 relates to a ring-fencing transfer scheme.

4

The following are also entitled to be heard—

a

the PRA,

b

where the transferee is an authorised person, the FCA, and

c

any person (“P”) (including an employee of the transferor concerned or of the transferee) who alleges that P would be adversely affected by the carrying out of the scheme.

5

P is not entitled to be heard by virtue of subsection (4)(c) unless before the hearing P has—

a

filed (in Scotland, lodged) with the court a written statement of the representations that P wishes the court to consider, and

b

served copies of the statement on the PRA and the transferor concerned.