Section 223 Management expenses.I1

United Kingdom

(1)

The amount which the scheme manager may recover, from the sums levied under the scheme, as management expenses attributable to a particular period may not exceed such amount as may be fixed by the scheme as the limit applicable to that period.

(2)

In calculating the amount of any levy to be imposed by the scheme manager, no amount may be included to reflect management expenses unless the limit mentioned in subsection (1) has been fixed by the scheme.

(3)

“Management expenses” means expenses incurred, or expected to be incurred, by the scheme manager in connection with its functions under this Act other than those incurred—

(a)

in paying compensation;

(b)

as a result of any provision of the scheme made by virtue of section F1215A(3) or (4), 216(3) or (4) or 217(1) or (6)F2;

(c)

under section 214B F3or 214D;

F4(ca)

under section 214E;

F5(d)

under Part 15A.

Annotations

Textual amendments

F1: Words in s. 223(3)(b) inserted (16.5.2022 for specified purposes, 29.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 (S.I. 2022/466), arts. 1(3), 6(8)
F2: S. 223(3)(c) added (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 171(2), 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.
F3: Words in s. 223(3)(c) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1), Sch. 2 para. 24(2)
F4: S. 223(3)(ca) inserted (16.7.2025) by Bank Resolution (Recapitalisation) Act 2025 (c. 15), ss. 6(3), 8(2); S.I. 2025/872, reg. 2(f)
F5: S. 223(3)(d) inserted (12.10.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(3), Sch. 2 para. 24(3); S.I. 2010/2480, art. 2(e)(f)

Commencement

I1: S. 223 wholly in force at 1.12.2001; s. 223 not in force at Royal Assent see s. 431(2); s. 223 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 223 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)