Financial Services and Markets Act

Repeal and replace the Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2009 (SI 2009/807). Allow the Treasury to call upon Financial Services Compensation Scheme (FSCS) to contribute to costs associated with the exercise of a stabilisation power of the special resolution regime (SRR) under the Banking Act 2009, Pt 1 to resolve a failing bank or building society. Set out the type of information that is to be contained in a notification from the Treasury to the FSCS that it is required to make payments in respect of the resolution, including information on the institution itself and the recoveries the Treasury expects.

In force : N/A