Part XV U.K. The Financial Services Compensation Scheme

Modifications etc. (not altering text)

C1 Pt. XV (ss. 212-224) excluded (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9J (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)

Pt. XV (ss. 212-224) modified (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501), art. 5

C2 Pt. 15 modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 29 (with art. 30(6))

C3 Pt. 15 modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644), art. 14 (with art. 15(8)

C4 Pt. 15 modified (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 15 (with art. 16(8))

Provisions of the scheme U.K.

[F1 214F Recapitalisation payment: report U.K.

(1) This section applies where the Bank of England requires the scheme manager to make a recapitalisation payment under section 214E.

(2) The Bank must report to the Chancellor of the Exchequer about—

(a) the exercise of the power to require a recapitalisation payment to be made, and

(b) the stabilisation power and the stabilisation option to which the payment relates.

(3) The report (“the final report”) must—

(a) comply with such requirements as to content, and

(b) be provided within such period or at such time,

as the Treasury may specify.

(4) The Bank must provide an interim report if—

(a) the period specified under subsection (3)(b) is a period of more than 3 months beginning with the day on which the Bank requires the recapitalisation payment in question (“the first 3 months”), or the time specified under subsection (3)(b) is after the first 3 months, and

(b) the Bank does not provide the final report within the first 3 months.

(5) An interim report must—

(a) comply with such requirements as to content as the Treasury may specify, and

(b) be provided within the first 3 months.

(6) Subject to subsection (7), the Chancellor of the Exchequer must lay each report, and any interim report, before Parliament.

(7) The Chancellor of the Exchequer may omit from the report, and any interim report, any information which the Chancellor of the Exchequer considers it would not be in the public interest to publish.]

Textual Amendments

F1 S. 214F inserted (16.7.2025) by Bank Resolution (Recapitalisation) Act 2025 (c. 15), ss. 2, 8(2); S.I. 2025/872, reg. 2(b)