Duties of the FSCS
Administering the compensation scheme
15.
The PRA expects the FSCS to:
- (a) pay compensation to eligible claimants, secure continuity of insurance, meet claims for benefits falling due or take such measures it considers appropriate to safeguard the rights of eligible claimants, when a relevant person (or where relevant in respect of compensation payments only, a successor), is unable or likely to be unable to meet claims against it in accordance with the Policyholder Protection Part;
- (b) make top-up payments in respect of an IIE claim where the court has made a write-down order under section 377A FSMA in accordance with the Policyholder Protection Part; and
- (c) make levies on participant firms, in accordance with Chapter 21 of the Policyholder Protection Part, to enable it to pay compensation, secure continuity of insurance, or take such measures it considers appropriate to safeguard the rights of eligible claimants and meet the costs of discharging its functions under the Policyholder Protection Part.
- 01/04/2015