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Part XVU.K. The Financial Services Compensation Scheme

MiscellaneousU.K.

223 Management expenses.U.K.

(1)The amount which the scheme manager may recover, from the sums levied under the scheme, as management expenses attributable to a particular period may not exceed such amount as may be fixed by the scheme as the limit applicable to that period.

(2)In calculating the amount of any levy to be imposed by the scheme manager, no amount may be included to reflect management expenses unless the limit mentioned in subsection (1) has been fixed by the scheme.

(3)Management expenses” means expenses incurred, or expected to be incurred, by the scheme manager in connection with its functions under this Act other than those incurred—

(a)in paying compensation;

(b)as a result of any provision of the scheme made by virtue of section 216(3) or (4) or 217(1) or (6)[F1;

(c)under section 214B [F2or 214D].]

[F3(d)under Part 15A.]

Textual Amendments

F1S. 223(3)(c) added (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 171(2), 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.

F2Words in s. 223(3)(c) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1), Sch. 2 para. 24(2)

Commencement Information

I1S. 223 wholly in force at 1.12.2001; s. 223 not in force at Royal Assent see s. 431(2); s. 223 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 223 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)