Section 214

The compensation scheme may, in particular, make provision— as to the circumstances in which a relevant person or relevant exchange is to be taken (for the purposes of the scheme) to be unable, or likely to be unable, to satisfy claims made against him or it; as to the circumstances in which a successor falling within section 213(1)(b) is to be taken (for the purposes of the scheme) to be unable, or likely to be unable, to satisfy claims against the successor that are based on the acts or omissions of a relevant person or relevant exchange; for the establishment of different funds for meeting different kinds of claim; for the imposition of different levies in different cases; limiting the levy payable by a person in respect of a specified period; for repayment of the whole or part of a levy in specified circumstances; for a claim to be entertained only if it is made by a specified kind of claimant; for a claim to be entertained only if it falls within a specified kind of claim; as to the procedure to be followed in making a claim; for the making of interim payments before a claim is finally determined; limiting the amount payable on a claim to a specified maximum amount or a maximum amount calculated in a specified manner; for payment to be made, in specified circumstances, to a person other than the claimant. Rules by virtue of subsection (1)(h) may, in particular, allow the scheme manager to treat persons who are or may be entitled to claim under the scheme as if they had done so. A reference in any enactment or instrument to a claim or claimant under this Part includes a reference to a deemed claim or claimant in accordance with subsection (1A). Rules by virtue of subsection (1)(j) may, in particular, allow, or be subject to rules which allow, the scheme manager to settle a class of claim by payment of sums fixed without reference to, or by modification of, the normal rules for calculation of maximum entitlement for individual claims. Different provision may be made with respect to different kinds of claim. The scheme may provide for the determination and regulation of matters relating to the scheme by the scheme manager. The scheme, or particular provisions of the scheme, may be made so as to apply only in relation to— in specified territories, areas or localities. activities carried on, claimants, matters arising, or events occurring, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The scheme may provide for the scheme manager to have power— in specified circumstances, but only if the scheme manager is satisfied that the claimant is entitled to receive a payment in respect of his claim— to make a full payment of compensation to the claimant and recover the whole or part of the amount of that payment from the other scheme or under that guarantee. under a scheme which is comparable to the compensation scheme, or as the result of a guarantee given by a government or other authority,

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Source: legislation.gov.uk · retrieved 2026-09-04