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Application provision

17.1 This Chapter applies only to the FSCS.

17.1

03/07/2015

This Chapter applies only to the FSCS.

17.2

03/07/2015

The FSCS must hold any amount collected from a DAS specific costs levy or DAS compensation costs levy to the credit of class J.

17.3

03/07/2015

Any funds received by the FSCS by way of levy or otherwise for the purposes of the dormant account scheme are to be managed as the FSCS considers appropriate, and in doing this the FSCS must act prudently.

17.4

03/07/2015

Interest earned by the FSCS in the management of funds held to the credit of class J must be credited to that class, and must be set off against the DAS management expenses or DAS compensation costs allocated to that class.

17.5

03/07/2015

The FSCS must keep accounts which include:

  1. (1) the funds held to the credit of class J; and
  2. (2) the liabilities of class J.

17.6

03/07/2015

If the FSCS has more funds (whether from levies, recoveries or otherwise) to the credit of class J than the FSCS believes will be required to meet levies on class J for the next 12 months, it may refund the surplus to members or former members of class J on any reasonable basis.