Search Legislation

Advanced Search (including Welsh legislation in Welsh language)

The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014

Help about what version

What Version

Help about opening options

Opening Options

Status:

This is the original version (as it was originally made).

Mandatory provisions: interim payments

This section has no associated Explanatory Memorandum

9.—(1) A relevant compensation order must include the following provisions (subject to any necessary modifications).

(2) The independent valuer may determine that payments should be made to a relevant person, a class of relevant person or all relevant persons on account of compensation to be payable under the relevant compensation order (“payments on account”).

(3) The independent valuer may make such a determination at any time before the determination required by regulation 6(5) has been made.

(4) Once the determination required by regulation 6(5) has been made, the independent valuer must determine what balancing payments are appropriate to ensure that the relevant person receives the amount of compensation determined under regulation 6(5) (and no more than that amount).

(5) Subject to paragraph (6), the independent valuer may make such provision as to payments on account as the valuer thinks fit (including a requirement that payments be made in instalments).

(6) Payments on account must be made subject to the following conditions—

(a)that the acceptance of such a payment by the relevant person reduces any obligation (whether in existence at the time of the payment or not) on the Treasury, the scheme manager of the Financial Services Compensation Scheme (within the meaning of sections 212 and 213 of the Financial Services and Markets Act 2000(1)) or any other person (as the case may be) to pay compensation to the relevant person by the amount of the payment on account;

(b)that where the independent valuer in accordance with paragraph (4) determines that the relevant person should make a balancing payment to the Treasury, the Financial Services Compensation Scheme or any other person (as the case may be), the relevant person is liable to pay that amount.

(7) In considering whether to require payments on account to be made in accordance with this regulation, the independent valuer must have regard to the merits of ensuring that relevant persons receive compensation in a timely manner.

(1)

2000 c.8. Section 212 has been amended by the Financial Services Act 2012 (c.12), Schedule 10, paragraph 2, and the Financial Services (Banking Reform) Act 2013 (c.33), section 16. Section 213 has been amended by the Banking Act 2009 (c.1), section 170; Financial Services Act 2012 (c.21), Schedule 10, paragraph 3 and SI 2011/1613.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources