Search Legislation

Financial Services and Markets Act 2000

 Help about what version

What Version

 Help about advanced features

Advanced Features

Status:

Point in time view as at 01/07/2003. This version of this cross heading contains provisions that are not valid for this point in time. Help about Status

Close

Status

Not valid for this point in time generally means that a provision was not in force for the point in time you have selected to view it on.

Changes to legislation:

Financial Services and Markets Act 2000, Cross Heading: Miscellaneous is up to date with all changes known to be in force on or before 28 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

MiscellaneousU.K.

Valid from 17/02/2009

221ADelegation of functionsU.K.

(1)The scheme manager may arrange for any of its functions to be discharged on its behalf by another person (a “scheme agent”).

(2)Before entering into arrangements the scheme manager must be satisfied that the scheme agent—

(a)is competent to discharge the function, and

(b)has been given sufficient directions to enable the agent to take any decisions required in the course of exercising the function in accordance with policy determined by the scheme manager.

(3)Arrangements may include provision for payments to be made by the scheme manager to the scheme agent (which payments are management expenses of the scheme manager).

222 Statutory immunity.U.K.

(1)Neither the scheme manager nor any person who is, or is acting as, its board member, officer or member of staff is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the scheme manager’s functions.

(2)Subsection (1) does not apply—

(a)if the act or omission is shown to have been in bad faith; or

(b)so as to prevent an award of damages made in respect of an act or omission on the ground that the act or omission was unlawful as a result of section 6(1) of the M1Human Rights Act 1998.

Modifications etc. (not altering text)

Marginal Citations

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).

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)

Prospective

[F1223AInvesting in National Loans FundU.K.

(1)Sums levied for the purpose of maintaining a contingency fund may be paid to the Treasury.

(2)The Treasury may receive sums under subsection (1) and may set terms and conditions of receipts.

(3)Sums received shall be treated as if raised under section 12 of the National Loans Act 1968 (and shall therefore be invested as part of the National Loans Fund).

(4)Interest accruing on the invested sums may be credited to the contingency fund (subject to any terms and conditions set under subsection (2)).

(5)The Treasury shall comply with any request of the scheme manager to arrange for the return of sums for the purpose of making payments out of a contingency fund (subject to any terms and conditions set under subsection (2)).]

Textual Amendments

Valid from 17/02/2009

[F2[F2223BBorrowing from National Loans FundU.K.

(1)The scheme manager may request a loan from the National Loans Fund for the purpose of funding expenses incurred or expected to be incurred under the scheme.

(2)The Treasury may arrange for money to be paid out of the National Loans Fund in pursuance of a request under subsection (1).

(3)The Treasury shall determine—

(a)the rate of interest on a loan, and

(b)other terms and conditions.

(4)The Treasury may make regulations—

(a)about the amounts that may be borrowed under this section;

(b)permitting the scheme manager to impose levies under section 213 for the purpose of meeting expenses in connection with loans under this section (and the regulations may have effect despite any provision of this Act);

(c)about the classes of person on whom those levies may be imposed;

(d)about the amounts and timing of those levies.

(5)The compensation scheme may include provision about borrowing under this section provided that it is not inconsistent with regulations under this section.]]

Textual Amendments

F2S. 223B inserted (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 173, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.

Valid from 17/02/2009

[F3[F3223CPayments in errorU.K.

(1)Payments made by the scheme manager in error may be provided for in setting a levy by virtue of section 213, 214A, 214B or 223B.

(2)This section does not apply to payments made in bad faith.]]

Textual Amendments

F3S. 223C inserted (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 177, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.

224 Scheme manager’s power to inspect documents held by Official Receiver etc.U.K.

(1)If, as a result of the insolvency or bankruptcy of a relevant person, any documents have come into the possession of a person to whom this section applies, he must permit any person authorised by the scheme manager to inspect the documents for the purpose of establishing—

(a)the identity of persons to whom the scheme manager may be liable to make a payment in accordance with the compensation scheme; or

(b)the amount of any payment which the scheme manager may be liable to make.

(2)A person inspecting a document under this section may take copies or extracts from the document.

(3)In this section “relevant person” means a person who was—

(a)an authorised person at the time the act or omission which may give rise to the liability mentioned in subsection (1)(a) took place; or

(b)an appointed representative at that time.

(4)But a person who, at that time—

(a)qualified for authorisation under Schedule 3, and

(b)fell within a prescribed category,

is not to be regarded as a relevant person for the purposes of this section in relation to any activities for which he had permission as a result of any provision of, or made under, that Schedule unless he had elected to participate in the scheme in relation to those activities at that time.

(5)This section applies to—

(a)the Official Receiver;

(b)the Official Receiver for Northern Ireland; and

(c)the Accountant in Bankruptcy.

Modifications etc. (not altering text)

Commencement Information

I2S. 224 wholly in force at 1.12.2001; s. 224 not in force at Royal Assent see s. 431(2); s. 224(4) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 224 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

Valid from 17/02/2009

224AFunctions under the Banking Act 2009U.K.

A reference in this Part to functions of the scheme manager (including a reference to functions conferred by or under this Part) includes a reference to functions conferred by or under the Banking Act 2009.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources