Section 61 Sources of compensationI1

United Kingdom

(1)

This section applies to—

(a)

compensation scheme orders,

(b)

resolution fund orders,

(c)

third party compensation orders, F1...

F2(ca)

bail-in compensation orders,

(d)

regulations under section 60F3, and

(e)

regulations under section 60A.

(2)

An order or regulations may provide for compensation or other payments to be made by—

(a)

the Treasury,

(b)

the Financial Services Compensation Scheme, F4subject to section 214C of the Financial Services and Markets Act 2000 (limit on amount of special resolution regime payments), or

(c)

any other specified person.

Annotations

Textual amendments

F1: Word in s. 61(1)(c) omitted (31.12.2014) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(9)(a); S.I. 2014/3160, art. 2(1)(b)
F2: S. 61(1)(ca) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(9)(b); S.I. 2014/3160, art. 2(1)(b)
F3: S. 61(1)(e) and preceding word inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(9)(c); S.I. 2014/3160, art. 2(1)(b)
F4: Words in s. 61(2)(b) substituted (8.4.2010) by Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 41

Commencement

I1: S. 61 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1

Notes on Part 1

Modifications

C1: Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2: Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

Notes on Chapter 3

Textual amendments

F1: Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7