Banking Act 2009 Explanatory Notes

Banking Act 2009

2009 CHAPTER 1

Commentary on Sections

Part 1: Special Resolution Regime.

Compensation

Section 61: Sources of compensation

166. This section confers an express power on the Treasury to make provision as to who should pay compensation under a compensation scheme order, resolution fund order, third party compensation order or under regulations made under section 60. It enables provision to be made for the FSCS, the Treasury or another person (e.g. a purchaser) to pay compensation. Any provision requiring the FSCS to pay compensation is subject to the provisions of section 171 of the Act.