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Banking Act 2009
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- UK Public General Acts
- 2009 c. 1
- Part 4
- Section 175
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175Rights in insolvency
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(1)This section amends section 215 of the Financial Services and Markets Act 2000 (rights of scheme following insolvency).
(2)For section 215(1) substitute—
“(1)The compensation scheme may make provision—
(a)about the effect of a payment of compensation under the scheme on rights or obligations arising out of matters in connection with which the compensation was paid;
(b)giving the scheme manager a right of recovery in respect of those rights or obligations.”
(3)In section 215(2) for “the relevant person’s insolvency” substitute “a person’s insolvency”.
(4)The heading of section 215 becomes “Rights of the scheme in insolvency”.
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