Commentary on Sections Summary Entitlement to fraud compensation Section 185: Fraud compensation payments
675.This section sets out the procedures to be followed by the Board when making a fraud compensation payment.
676.Subsection (2) permits the Board to set the terms and conditions of a payment, while subsection (3) states that total payment must not exceed the value of the loss less any recovered funds. The amount of the payment must be determined in accordance with regulations and must take account of any interim payments made (subsection (4)).
677.Subsection (5) requires the Board to give written notice of the payment to be made to the trustees or managers, the applicant (if different), the Regulator, and the insolvency practitioner or employer (if there is no insolvency practitioner).