SCHEDULE 10 The Financial Services Compensation Scheme
Financial Services Act 2012 (2012 c 21) | Legislation

SCHEDULE 10 The Financial Services Compensation Scheme

Section 38

1

Part 15 of FSMA 2000 (the Financial Services Compensation Scheme) is amended as follows.

2

(1)     Section 212 (the scheme manager) is amended as follows.

(2)     For subsections (1) and (2) substitute—

“(1)     The scheme manager†means the body corporate established by the Financial Services Authority under this section as originally enacted.

(2)     The regulators must take such steps as are necessary to ensure that the scheme manager is, at all times, capable of exercising the functions conferred on it by or under this Part or Part 15A.â€

(3)     In subsections (4) and (5) for “Authority†substitute “regulatorsâ€.

(4)     In subsection (7), omit “board members,â€.

3

(1)     Section 213 (the compensation scheme) is amended as follows.

(2)     In each place, for “Authority†substitute “regulatorsâ€.

(3)     In subsection (1)—

(a)     after “rules†insert “made in accordance with an order under subsection (1A)â€, and

(b)     for the words from “cases where†to the end substitute

“cases where—

(a)     relevant persons are unable, or likely to be unable, to satisfy claims against them, or

(b)     persons who have assumed responsibility for liabilities arising from acts or omissions of relevant

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