Part 4 Write-Down Orders: Financial Services Compensation Scheme
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

Part 4 Write-Down Orders: Financial Services Compensation Scheme

4

Part 15 of FSMA 2000 (the Financial Services Compensation Scheme) is amended as follows.

5

After section 217 (insurers in financial difficulties) insert—

“217ZA Insurers subject to write-down orders

(1)     The compensation scheme must include provision requiring the scheme manager to take specified measures for safeguarding policyholders affected by write-down orders.

(2)     A person (“Pâ€) is a policyholder affected by a write-down order if—

(a)     P is a policyholder of an insurer in respect of whom a write-down order has effect, and

(b)     the value of any thing to which P is (or may become) entitled, in P's capacity as a policyholder of the insurer, is reduced under the write-down order.

(3)     Measures specified by virtue of subsection (1) must, in particular, require financial

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Sentencing for rape

Sentencing for rapeThe Sentencing Council (SC) produces guidance on sentencing for courts in England and Wales in the form of offence specific sentencing guidelines for use in the magistrates’ court and the Crown Court. This Practice Note considers the approach to sentencing for the offences of rape

LEXISNEXIS

The Money Laundering Reporting Officer (MLRO)

The Money Laundering Reporting Officer (MLRO)OverviewThe requirements to have robust systems and controls in a regulated firm to prevent money laundering originate from:•the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (as

LEXISNEXIS

The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions

The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for

LEXISNEXIS

Fraud by false representation

Fraud by false representationFraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the