Citation, commencement and interpretation

1. —(1) This Order may be cited as the Financial Services and Markets Act 2000 (Financial Services Compensation Scheme) Order 2013 and comes into force on 1st April 2013.

(2) In this Order—

“the Act” means the Financial Services and Markets Act 2000;

“the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001( 3 ); and

“successors” has the meaning given in section 213(1)(b) of the Act.

PRA rule making

2. —(1) The PRA may make rules under section 213(1) of the Act establishing a scheme for compensating persons in cases where relevant persons or successors are unable, or likely to be unable, to satisfy the following claims against them—

(a) claims for a deposit within the meaning of article 5 of the Regulated Activities Order including—

(i) a deposit that would otherwise be excluded by article 6 of that Order; and

(ii) a repayment claim as defined in section 5 of the Dormant Bank and Building Society Accounts Act 2008( 4 );

(b) claims under a contract of insurance;

(c) claims in respect of the activity of managing the underwriting capacity of a Lloyd’s syndicate as a managing agent at Lloyd’s as specified in article 57 of the Regulated Activities Order; and

(d) claims in respect of the activity of arranging, by the society incorporated by Lloyd’s Act 1871 by the name of Lloyd’s, of deals in contracts of insurance written at Lloyd’s as specified in article 58 of the Regulated Activities Order.

FCA rule making

3. The FCA may make rules under section 213(1) of the Act establishing a scheme for compensating persons in cases where relevant persons or successors are unable, or likely to be unable, to satisfy claims against them except those claims set out in article 2.