Regulation 12 Payments

The FSA must pay such amount to the Secretary of State in respect of functions under these Regulations performed by the Office or the Director General, as the case may be, as may be agreed between the chief executive and the Office or the Director General, as the case may be.

In the absence of an agreement, the FSA must pay such amount in respect of those functions, after consultation with the Secretary of State, as the Secretary of State determines.