{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-repeals-and-savings-financial-services-compensation-scheme-order-2001/schedule-1/paragraph-2",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-repeals-and-savings-financial-services-compensation-scheme-order-2001/schedule-1/paragraph-2.json",
  "legislation": "uksi/2001/2967",
  "legislation_title": "The Financial Services and Markets Act 2000 (Transitional Provisions, Repeals and Savings) (Financial Services Compensation Scheme) Order 2001",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-repeals-and-savings-financial-services-compensation-scheme-order-2001",
  "path": "schedule/1/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": null,
  "text": "A reference in any provision of the Policyholders Protection Act to any other provision of that Act is to be construed as reference to the latter provision as modified by this Order.\nPart II of the Banking Act\nProvision\nModifications\nSection 50(2)\nSubstitute—\n“(2) The scheme manager has the functions, conferred on it by this Part.”.\nSection 52(6)\nAfter the definition of “building society”, insert\n““commencement” means the beginning of the day on which section 19 of the Financial Servcies and Markets Act 2000 comes into force;”.\nAfter the definition of “participating non-EEA institution”, insert ““the scheme manager” has the same meaning as in Part XV of the Financial Services and Markets Act 2000;”.\nSection 58\nIn subsection (1), for the words from “if at any time” to “becomes insolvent” substitute “in relation to an institution to which this subsection applies which was, before commencement, insolvent”.\nIn subsection (1)(a), omit “out of the Fund”.\nIn subsection (2), for “is” in each case it is used, substitute “was, at the time it became insolvent,”.\nSections 58(1) to (6), (8), (9), 59, 60, 61, 62, 65(3) and (4).\nFor “Board” substitute “scheme manager”.\nSection 58(2C)\nImmediately before “a UK institution”, insert “an institution which was, at the time it became insolvent,”.\nSection 58 (2D)\nImmediately before “a participating EEA institution”, insert “an institution which was, at the time it became insolvent,”.\nSection 58(3)\nImmdiately before “a UK institution”, insert “an institution which was, at the time it became insolvent,”.\nSection 58(7) and section 60(5)\nFor “Board” substitute “scheme manager and the Authority”.\nSection 59\nIn subsections (1) and (2)—\nfor “becomes” substitute “became”; and\nfor the words from “deposits made” to the end substitute “prior to commencement deposits made with the institution had become due and payable and had not yet been repaid”.\nIn subsection (4), immediately before “a UK institution” insert “an institution which was, at the time it became insolvent,”.\nSection 59(4)\nImmediately before “a UK institution”, insert “an institution which was, at the time it became insolvent,”.\nSection 60(2A)\nImmediately before “UK institutions”, insert “institutions which were, at the time they became insolvent,”.\nSection 61(8)\nBefore “an authorised institution” insert “an institution which, immediately before commencement, was”.\nSections 50(1) and (3), 51, 52(1) to (4B), 53, 54, 55, 56, 57, 62(8), 63, 64, 65(1), (2) and 66\nOmit.\nPart IV of the Building Societies Act\nProvision\nModifications\nSection 24\nFor subsection (1) substitute— “(1) The scheme manager has the functions, powers and duties conferred on it by this Part.”.\nIn subsection (4), after the definition of “the 1995 Regulations”, insert—\n““the Authority” means the Financial Services Authority;\n“commencement” means the beginning of the day on which section 19 of the Financial Services and Markets Act 2000 comes into force;”\nIn the definition of “participating institution”, after “means” insert “an insolvent institution which was, at the time it became insolvent”.\nAt the end of subsection (4), insert—\n““the scheme manager” has the same meaning as in Part XV of the Financial Services and Markets Act 2000.\n(4A) In the protective scheme provisions of this Part—\n“the expenses attributable to the insolvency”with reference to a participating institution insolvency means payments made to investors under section 27, together with any expenses (including administrative expenses attributable to that insolvency) incurred by the scheme manager in connection with the making of such payments or in connection with that insolvency;\n“insolvency payments to investors” means payments made to investors under section 27 and any expenses incurred in connection with the making of such payments, and “insolvency payment” has a corresponding meaning.”\nSections 25A\nIn subsection (1) and (2)—\nfor “becomes” substitute “became”;\nafter “only if” insert “prior to commencement”;\n“have become” substitute “had become”; and\nfor “have not” substitute “had not”.\nIn subsection (4), so far as it relates to paragraph (b), for “Commission” substitute “Authority”.\nSection 27\nIn subsection (1), for the words from “if at any time” to “become insolvent” substitute “in relation to a participating institution”.\nIn subsection (1)(a) omit “out of the Fund”.\nIn subsection (2A)—\nfor “Commission” substitute “Authority”;\nfor “becomes” substitute “became”.\nIn subsection (3), for “an authorised institution” substitute “an authorised person within the meaning of the Financial Services and Markets Act 2000 who has permission to accept deposits (within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)”.\nIn subsections (3B) and (5C), before “a participating EEA institution”, insert “a participating institution which was, when it became insolvent,”.\nIn subsection (4)(b), at the end insert “or under the Financial Services Compensation Scheme established under Part XV of the Financial Services and Markets Act 2000”.\nIn subsection (5), omit “which has become insolvent”.\nIn subsection (6), for “the Board” substitute “the scheme manager and the Authority”.\nIn subsections (10) and (11), omit “insolvent”.\nSection 27A(1)\nOmit “which has become insolvent”.\nSection 28\nIn subsection (1), omit paragraph (a) and, in paragraph (b), after “the insolvency” insert “of a participating institution”.\nSection 29A\nIn subsection (3), omit “insolvent”.\nSections 27(1) to (5C), (8) to (11), 27A, 28, 29A(3) to (5), Schedule 6\nFor “Board” substitute “scheme manager”.\nSchedule 6\nIn paragraph 5, for “investment business (within the meaning of the Financial Services Act 1986)” substitute “activities which are regulated activities for the purposes of the Financial Services and Markets Act 2000”.\nSections 24(2), 25, 25A(4)(a), 26, 28(9), 29, 29A(1), (2), 30, 31\nOmit\nThe Credit Institutions (Protection of Depositors) Regulations 1995\nProvision\nModifications\nRegulation 2\nAfter the definition of “the 1992 Regulations” insert—\n““the Authority” means the Financial Servcies Authority;\n“article 9 default” has the same meaning as in the Financial Services and Markets Act 2000 (Transitional Provisions, Savings and Repeals) (Financial Services Compensation Scheme) Order 2001;”.\nAfter the definition of “building society” insert—\n““commencement” means the beginning of the day on which section 19 of the Financial Services and Markets Act 2000 comes into force;”.\nAfter the definition of “non-EEA institution” insert—\n““relevant Part” means “Part II of the 1987 Act or Part IV of the 1986 Act (as continued in effect by the Financial Services and Markets Act 2000 (Transitional Provisions, Repeals and Savings) (Financial Services Compensation Scheme) Order 2001)”;\n“the scheme manager” has the same meaning as in Part XV of the Financial Services and Markets Act 2000;”.\nRegulation 7(2)\nFor the words from the beginning to “the relevant Board”, substitute—\n“Where an article 9 default has occurred in relation to a person who was, immediately before commencement, an EEA institution which was participating in a UK scheme, and that institution fails to produce any documents or provide any information to the scheme manager which it is required to produce or provide under section 65 of the 1987 Act or, as the case may be, section 29A of the 1986 Act, the scheme manager”.\nIn sub-paragraph (b), for “the Board” substitute “the scheme manager”.\nRegulation 10(2)\nFor the words from “an EEA institution” to “the relevant Board” substitute “an article 9 default occurs in relation to a person who was, immediately before commencement, an EEA institution which was participating in a UK scheme, the scheme manager”.\nRegulation 14(1)\nFor the words from the beginning of the paragraph to “the relevant enactment” substitute “Where an article 9 default has occurred in relation to a person who was, immediately before commencement, a UK institution or building society which is participating in a host State scheme, section 62 of the 1987 Act or section 28 of the 1986 Act as the case may be,”.\nFor “relevant Board” substitute “scheme manager”.\nRegulation 15(2)\nFor the words from “a UK institution” to “the relevant Board” substitute “an article 9 default occurs in relation to a person who was, immediately before commencement, a UK institution or building society which is participating in a host State scheme, the scheme manager”.\nRegulation 17\nIn paragraph (1), for the words from “a UK institution” to “relevant authority” substitute “an article 9 default has occurred in relation to a person who was, immediately before commencement, a UK institution or building society, it shall be the duty of the Authority”.\nIn paragraph (2), after “where” insert “a person who was, immediately before commencement,” and for “relevant authority” substitute “the Authority”.\nIn paragraph (3), for “relevant enactment” substitute “relevant Part”.\nRegulation 18\nFor the words from the beginning of the paragprah to “obtain information)” substitute “Where an article 9 default has occurred in relation to a person who was, immediately before commencement, a UK institution or building society which is participating in a host State scheme, the provisions of the relevant Part which enable the scheme manager to obtain information (sections 58(8), (9), 65(3), (4) of the 1987 Act or sections 29A(3) and (4) of the 1986 Act”.\nFor “relevant Board” substitute “scheme manager”.\nFor “relevant UK scheme” substitute “the deposit protection scheme or the investor protection scheme as appropriate”.\nRegulations 1(1), (2), 3 to 6, 7(1), (3) to (5), 8, 9, 10(1), (3), 11, 12, 13, 14(2), 15(1), (3), 16, 17(4), 18(2), 19 to 45 and 53 to 54\nOmit",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (SI. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Subsections (6) and (7) of section 52 were inserted by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Amended by the Insovlency (Northern Ireland) Order 1989 (S.I. 1989/2405) (N.I. 19) Schedule 9, paragraph 50; the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442); and the Bank of England Act 1998 (c. 11) Schedule 5, paragraph 14."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442) and the Bank of England Act 1998 (c. 11) Schedule 5, paragraph 14."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f9",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f10",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442) and the Bank of England Act 1998 (c. 11) Schedule 5, paragraph 14."
    },
    {
      "type": "footnote",
      "label": "f11",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f12",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f13",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442) and the Bank of England Act 1998 (c. 11) Schedule 5, paragraph 14."
    },
    {
      "type": "footnote",
      "label": "f14",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442); the Building Societies Act 1997 (c. 32) Schedule 7, paragraph 4; and S.I. 1999/2094."
    },
    {
      "type": "footnote",
      "label": "f15",
      "text": "Inserted by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442) and amended by the Building Societies Act 1997 Schedule 7, paragraph 6."
    },
    {
      "type": "footnote",
      "label": "f16",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442); the Building Societies Act 1997 Schedule 7, paragraph 7 and S.I. 2000/2952."
    },
    {
      "type": "footnote",
      "label": "f17",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442); the Building Societies Act 1997 (c. 32) section 3, Schedule 7, paragraph 9, Schedule 9; and the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405) (N.I. 19) Schedul 9, paragraph 43."
    },
    {
      "type": "footnote",
      "label": "f18",
      "text": "Inserted by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442); and amended by the Building Societies Act 1997 (c. 32) Schedule 7, paragraph 10."
    },
    {
      "type": "footnote",
      "label": "f19",
      "text": "Amended by the Banking Act Schedule 6, paragraph 26, Schedule 7; Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442); the Building Societies Act 1997 (c. 32) Schedule 7, paragraph 5; and S.I. 1999/2094 and modified by the Banking Coordination (Second Council Directive) Regulations 1992 (S.I. 1992/3218)."
    },
    {
      "type": "footnote",
      "label": "f20",
      "text": "Amended and repealed in part by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f21",
      "text": "Amended by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)."
    },
    {
      "type": "footnote",
      "label": "f22",
      "text": "Amended by the Building Societies Act 1997 (c. 32) Schedule 7, paragraph 11 and amended by S.I. 1996/1669."
    },
    {
      "type": "footnote",
      "label": "f23",
      "text": "Amended by S.I. 1998/1129 and S.I. 1999/2094."
    },
    {
      "type": "footnote",
      "label": "f24",
      "text": "Amended by S.I. 1998/1129."
    },
    {
      "type": "footnote",
      "label": "f25",
      "text": "Amended by S.I. 1998/1129."
    }
  ],
  "outstanding_effects": [
    {
      "type": "am",
      "affecting": "uksi/2007/846",
      "affecting_title": "The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers)(Northern Ireland) Order 2007"
    },
    {
      "type": "am",
      "affecting": "uksi/2003/2134",
      "affecting_title": "The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Amendment) Order 2003"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2013/472",
      "affecting_title": "The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2013/472",
      "affecting_title": "The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/2967/schedule/1/paragraph/2",
    "retrieved_at": "2026-10-29T07:29:30.596265+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}