Article 31 The Financial Services Compensation Scheme

(1)

Paragraph (2) applies in respect of the persons who, immediately before the commencement date, were the persons appointed by the Authority in accordance with section 212(4)^f1 (the scheme manager) to be—

(a)

the chairman of the scheme manager; and

(b)

the other members of the board.

(2)

The persons are to be treated as if appointed by the FCA and the PRA in accordance with section 212(4) to be—

(a)

where paragraph (1)(a) applies, the chairman of the scheme manager; and

(b)

where paragraph (1)(b) applies, the other members of the board.

(3)

If the terms and conditions on which a person mentioned in paragraph (1) was appointed by the Authority are not, on the commencement date, in accordance with section 212(5) of the 2012 Act, the FCA and the PRA must amend the terms and conditions of the appointment.

Annotations

Footnotes

f1: Section 212 is amended by the 2012 Act, Schedule 10, paragraph 2. There are other amending instruments but none is relevant.