Part 4

Financial Services Compensation Scheme

Procedure for claims
174
1
After section 214(1) of the Financial Services and Markets Act 2000 (the compensation scheme: powers) insert—
1A
Rules by virtue of subsection (1)(h) may, in particular, allow the scheme manager to treat persons who are or may be entitled to claim under the scheme as if they had done so.
1B
A reference in any enactment or instrument to a claim or claimant under this Part includes a reference to a deemed claim or claimant in accordance with subsection (1A).
1C
Rules by virtue of subsection (1)(j) may, in particular, allow, or be subject to rules which allow, the scheme manager to settle a class of claim by payment of sums fixed without reference to, or by modification of, the normal rules for calculation of maximum entitlement for individual claims.
2
In section 417(1) (definitions) at the appropriate place insert—
“claim”, in relation to the Financial Services Compensation Scheme under Part XV, is to be construed in accordance with section 214(1B);
.
S. 174 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 4