http://www.legislation.gov.uk/ukpga/2009/1/section/170Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19 Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3) Part 41701After section 214 of the Financial Services and Markets Act 2000 (compensation scheme: general) insert—214A1The Treasury may make regulations (“contingency fund regulations”) permitting the scheme manager to impose levies under section 213 for the purpose of maintaining contingency funds from which possible expenses may be paid.2Contingency fund regulations may make provision about the establishment and management of contingency funds; in particular, the regulations may make provision about—athe number and size of funds;bthe circumstances and timing of their establishment;cthe classes of person from whom contributions to the funds may be levied;dthe amount and timing of payments into and out of funds (which may include provision for different levies for different classes of person);erefunds;fthe ways in which funds' contents may be invested (including (i) the extent of reliance on section 223A, and (ii) the application of investment income);gthe purposes for which funds may be applied, but only so as to determine whether a fund is to be used (i) for the payment of compensation, (ii) for the purposes of co-operating with a bank liquidator in accordance with section 99 of the Banking Act 2009, or (iii) for contributions under section 214B;hprocedures to be followed in connection with funds, including the keeping of records and the provision of information.3The compensation scheme may include provision about contingency funds provided that it is not inconsistent with contingency fund regulations.2At the end of section 213(7) (compensation scheme: further provision) add “ (except where limitations are expressly stated) ”.3In section 218 (compensation scheme: annual report)—ain subsection (1) after “to the Authority” insert “ and the Treasury ”, andbat the end of subsection (2)(b) add “ or in contingency fund regulations. ”