Part 15 (The Financial Services Compensation Scheme)
E793181
Part 15 (The Financial Services Compensation Scheme) is the section of UK financial services legislation that establishes and governs the statutory scheme providing compensation to customers when authorised financial firms fail.
Statements (45)
| Predicate | Object |
|---|---|
| instanceOf |
UK financial services legislation provision
ⓘ
part of an Act of Parliament ⓘ statutory provision ⓘ |
| appliesTo |
authorised financial services firms
ⓘ
deposit-taking institutions ⓘ insurance undertakings ⓘ investment firms ⓘ other authorised persons under the Financial Services and Markets Act 2000 ⓘ |
| appliesToJurisdiction |
England and Wales
NERFINISHED
ⓘ
Northern Ireland ⓘ Scotland ⓘ |
| concerns |
compensation for deposits
ⓘ
compensation for insurance business ⓘ compensation for investment business ⓘ compensation for other regulated financial activities ⓘ |
| conditionForCompensation |
authorised firm being unable or likely to be unable to meet claims against it
ⓘ
failure of an authorised firm ⓘ |
| country | United Kingdom ⓘ |
| enablingPowerFor |
rules made by the Financial Conduct Authority relating to the Financial Services Compensation Scheme
ⓘ
rules made by the Prudential Regulation Authority relating to the Financial Services Compensation Scheme ⓘ |
| establishes | Financial Services Compensation Scheme NERFINISHED ⓘ |
| fundingMechanism | levies on authorised firms ⓘ |
| governs |
eligibility for compensation under the Financial Services Compensation Scheme
ⓘ
funding of the Financial Services Compensation Scheme ⓘ management of the Financial Services Compensation Scheme ⓘ operation of the Financial Services Compensation Scheme ⓘ |
| implementedBy | Financial Services Compensation Scheme Limited NERFINISHED ⓘ |
| jurisdiction | United Kingdom ⓘ |
| language | English ⓘ |
| legalBasisFor | statutory compensation to customers of failed authorised firms ⓘ |
| legalNature | primary legislation ⓘ |
| objective |
to contribute to consumer protection in the UK financial system
ⓘ
to enhance confidence in the UK financial services sector ⓘ |
| partOf | Financial Services and Markets Act 2000 NERFINISHED ⓘ |
| protects |
eligible claimants of authorised financial services firms
ⓘ
retail customers of failed financial institutions ⓘ |
| purpose |
to protect eligible claimants when authorised firms are unable or likely to be unable to meet claims
ⓘ
to provide compensation to customers of authorised financial services firms that fail ⓘ |
| regulates | statutory compensation arrangements for financial services customers ⓘ |
| relatedTo |
consumer protection law in the United Kingdom
ⓘ
prudential regulation of financial institutions in the United Kingdom ⓘ |
| sector | financial services regulation ⓘ |
| statutoryStatus | mandatory scheme for eligible firms and customers ⓘ |
| subjectMatter | Financial Services Compensation Scheme NERFINISHED ⓘ |
| typeOfCompensation | last-resort compensation ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
Financial Services and Markets Act 2000 (as amended)
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containsPart
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Part 15 (The Financial Services Compensation Scheme)
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subject surface form:
Financial Services and Markets Act 2000