Section 214A(2)

Contingency fund regulations may make provision about the establishment and management of contingency funds; in particular, the regulations may make provision about— the number and size of funds; the circumstances and timing of their establishment; the classes of person from whom contributions to the funds may be levied; the amount and timing of payments into and out of funds (which may include provision for different levies for different classes of person); refunds; the ways in which funds' contents may be invested (including (i) the extent of reliance on section 223A, and (ii) the application of investment income); the purposes for which funds may be applied, but only so as to determine whether a fund is to be used (i) for the payment of compensation, (ii) for the purposes of co-operating with a bank liquidator in accordance with section 99 of the Banking Act 2009, or (iii) for contributions under section 214B; procedures to be followed in connection with funds, including the keeping of records and the provision of information.

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