Part XV

The Financial Services Compensation Scheme

Provisions of the scheme

Notification to Parliamentary Committees
214G
1
Where the Bank of England requires the scheme manager to make a recapitalisation payment under section 214E, the Bank must, as soon as reasonably practicable, notify in writing the chair of each relevant Parliamentary Committee that it has done so.
2
The relevant Parliamentary Committees are—
a
the Treasury Committee of the House of Commons, and
b
the Financial Services Regulation Committee of the House of Lords.
3
A reference to a committee in subsection (2)—
a
if the name of that committee is changed, is to be treated as a reference to that committee by its new name, and
b
if the functions of that committee (or substantially corresponding functions) become functions of a different committee, is to be treated as a reference to the committee by which those functions are exercisable.
4
Any question arising under subsection (3) is to be determined by—
a
the Speaker of the House of Commons, in relation to committees of the House of Commons, and
b
the Chairman of Committees of the House of Lords, in relation to committees of the House of Lords.
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
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))
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)
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))
S. 214G inserted (16.7.2025) by Bank Resolution (Recapitalisation) Act 2025 (c. 15), ss. 3, 8(2); S.I. 2025/872, reg. 2(c)