Prudential Regulation Authority Rulebook

13.1

The FSCS's powers in this Chapter may be used:

1. (1) separately or in any combination as an alternative and in substitution for the powers and processes elsewhere in this Part; and/or
2. (2) in relation to all or any part of a protected claim or class of protected claim made with respect to the relevant person (or where applicable, the successor).

13.2

The FSCS may determine that the exercise of any power in this Chapter is subject to such incidental, consequential or supplemental conditions as the FSCS considers appropriate.

13.3

1. (1) Any power conferred on the FSCS to make determinations under this Chapter is exercisable in writing.
2. (2) An instrument by which the FSCS makes the determination must specify the provision under which it is made, the date and time from which it takes effect and the relevant person (or where applicable, the successor) and protected claims, parts of protected claims and/or classes of protected claims in respect of which it applies.
3. (3) The FSCS must take appropriate steps to publish the determination as soon as possible after it is made. Such publication must be accompanied by a statement explaining the effect of 13.2.
4. (4) Failure to comply with any requirement in this rule does not affect the validity of the determination.
5. (5) A determination by the FSCS under this Chapter may be amended, remade or revoked at any time and subject to the same conditions.

13.4

1. (1) The production of a copy of a determination purporting to be made by the FSCS under this Chapter:
1. (a) on which is endorsed a certificate, signed by a member of the FSCS’s staff authorised by it for that purpose; and
2. (b) which contains the required statements;
2. is evidence (or in Scotland sufficient evidence) of the facts stated in the certificate.
3. (2) The required statements are:
1. (a) that the determination was made by the FSCS; and
2. (b) that the copy is a true copy of the determination.
4. (3) A certificate purporting to be signed as mentioned in (1) is to be taken to have been properly signed unless the contrary is shown.
5. (4) A person who wishes in any legal proceedings to rely on a determination may require the FSCS to endorse a copy of the determination with a certificate of the kind mentioned in (1).

13.5

Other provisions in this Part are modified to the extent necessary to give full effect to the powers provided for in this Chapter.

13.6

Other than as expressly provided for, nothing in this Chapter is to be taken as limiting or modifying the rights or obligations of or powers conferred on the FSCS elsewhere in this Part.

13.7

The FSCS may determine that the payment of compensation by the FSCS shall have all or any of the following effects:

1. (1) the FSCS shall immediately and automatically be subrogated, subject to such conditions as the FSCS determines are appropriate, to all or any part (as determined by the FSCS) of the rights and claims in the UK and elsewhere of the claimant against the relevant person (or where applicable, the successor) and/or any third party (whether such rights are legal, equitable or of any other nature whatsoever and in whatever capacity the relevant person (or where applicable, the successor) or third party is acting) in respect of or arising out of the claim in respect of which the determination under 13.2 was made;
2. (2) the FSCS may claim and take legal or any other proceedings or steps in the UK or elsewhere to enforce such rights in its own name or in the name of, and on behalf of, the claimant or in both names against the relevant person (or where applicable, the successor) and/or any third party;
3. (3) the subrogated rights and claims conferred on the FSCS shall be rights of recovery and claims against the relevant person (or where applicable, the successor) and/or any third party which are equivalent (including as to amount and priority and whether or not the relevant person (or where applicable, the successor) is insolvent) to and do not exceed the rights and claims that the claimant would have had; and/or
4. (4) such rights and/or obligations (as determined by the FSCS) as between the relevant person and the claimant arising out of the protected claim in respect of which the determination under 13.2 was made may be transferred to, and subsist between, another firm with an appropriate permission and the claimant provided that the firm has consented (but the transferred rights and/or obligations shall be treated as existing between the relevant person and the FSCS to the extent of any subrogation, transfer or assignment for the purposes of (1) to (3) and 12).