SCHEDULES

SCHEDULE 2Amendments to the Financial Services and Markets Act 2000

Amendments to Part 7

2

After section 106 there is inserted—

“106AReclaim fund business transfer scheme

(1)

A scheme is a reclaim fund business transfer scheme if, under the scheme, the whole or part of the business carried on by a reclaim fund is to be transferred to one or more other reclaim funds.

(2)

“Reclaim fund” has the meaning given by section 5(1) of the Dormant Bank and Building Society Accounts Act 2008.”

3

In section 107 (application for order sanctioning transfer scheme), in subsection (1), for “or a banking business transfer scheme” there is substituted “, a banking business transfer scheme or a reclaim fund business transfer scheme”.

4

(1)

Section 111 (sanction of the court for business transfer schemes) is amended as follows.

(2)

In subsection (1), for “or a banking business transfer scheme” there is substituted “, a banking business transfer scheme or a reclaim fund business transfer scheme”.

(3)

In subsection (2)—

(a)

at the beginning of paragraph (a) there is inserted “in the case of an insurance business transfer scheme or a banking business transfer scheme,”;

(b)

after that paragraph there is inserted—

“(aa)

in the case of a reclaim fund business transfer scheme, the appropriate certificate has been obtained (as to which see Part 2A of that Schedule);”.

5

In Schedule 12, after Part 2 there is inserted—

“Part 2AReclaim fund business transfer schemes

Certificate as to financial resources

9A

For the purposes of section 111(2) the appropriate certificate, in relation to a reclaim fund business transfer scheme, is a certificate given by the Authority certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources.”