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Financial Services and Markets Act 2000

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214 General.E+W+S+N.I.

This section has no associated Explanatory Notes

(1)The compensation scheme may, in particular, make provision—

(a)as to the circumstances in which a relevant person is to be taken (for the purposes of the scheme) to be unable, or likely to be unable, to satisfy claims made against him;

(b)for the establishment of different funds for meeting different kinds of claim;

(c)for the imposition of different levies in different cases;

(d)limiting the levy payable by a person in respect of a specified period;

(e)for repayment of the whole or part of a levy in specified circumstances;

(f)for a claim to be entertained only if it is made by a specified kind of claimant;

(g)for a claim to be entertained only if it falls within a specified kind of claim;

(h)as to the procedure to be followed in making a claim;

(i)for the making of interim payments before a claim is finally determined;

(j)limiting the amount payable on a claim to a specified maximum amount or a maximum amount calculated in a specified manner;

(k)for payment to be made, in specified circumstances, to a person other than the claimant.

(2)Different provision may be made with respect to different kinds of claim.

(3)The scheme may provide for the determination and regulation of matters relating to the scheme by the scheme manager.

(4)The scheme, or particular provisions of the scheme, may be made so as to apply only in relation to—

(a)activities carried on,

(b)claimants,

(c)matters arising, or

(d)events occurring,

in specified territories, areas or localities.

(5)The scheme may provide for a person who—

(a)qualifies for authorisation under Schedule 3, and

(b)falls within a prescribed category,

to elect to participate in the scheme in relation to some or all of the activities for which he has permission as a result of any provision of, or made under, that Schedule.

(6)The scheme may provide for the scheme manager to have power—

(a)in specified circumstances,

(b)but only if the scheme manager is satisfied that the claimant is entitled to receive a payment in respect of his claim—

(i)under a scheme which is comparable to the compensation scheme, or

(ii)as the result of a guarantee given by a government or other authority,

to make a full payment of compensation to the claimant and recover the whole or part of the amount of that payment from the other scheme or under that guarantee.

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Commencement Information

I1S. 214 wholly in force at 18.6.2001; s. 214 not in force at Royal Assent see s. 431(2); s. 214(5) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 214 in force in so far as not already in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.

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