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).