Guidance

SoP – Deposit Guarantee Scheme

Chapter

Background

Printed on: 06/11/2024

Rulebook at: 01/07/2023

2

Background

5.

The FSCS exercises the functions that are conferred on the scheme manager by Part XV of the Financial Services and Markets Act 2000 (FSMA).

  • 01/07/2023

6.

The PRA is required, under section 213 of FSMA and the Financial Services and Markets Act 2000 (Financial Services Compensation Scheme) Order 2013,[1] to make rules establishing a scheme for compensating persons in cases where firms are unable or, likely to be unable, to satisfy claims for deposits.

  • 1. S.I. 2013/598.
  • 01/07/2023

7.

In addition to PRA rules, other aspects of the operation of the FSCS are dealt with through the powers of the FSCS under company law (such as the power to borrow, to take on premises, etc) and through rules made by the Financial Conduct Authority (FCA).

  • 01/07/2023

8.

In addition, FSMA confers certain powers upon the FSCS, such as a power under section 219 (Scheme Manager's powers to require information) to require persons to provide information.

  • 01/07/2023