Schedules

Schedule 7Special measures

I13Meaning of “financial management proposal”

1

In this Schedule “financial management proposal”, in relation to a higher-risk building, means a document setting out—

a

an estimate of the relevant expenses the regulator expects a special measures manager for the building to incur (including a reasonable amount in respect of contingencies),

b

the measures to which the relevant expenses relate, and

c

if there is more than one accountable person for the building—

i

the regulator's proposed apportionment of the relevant expenses between them, and

ii

the reasons for that proposal (including any calculation giving rise to it).

2

In this Schedule “relevant expenses” means expenses incurred by the special measures manager for a higher-risk building in connection with the exercise of their functions in relation to the building.