Commentary on Sections Part 4: Financial Services Compensation Scheme Section 179 Delegation of functions
401.This section inserts new section 221A into the Financial Services and Markets Act 2000.
402.The new section provides that the FSCS can make arrangements with a third party to carry out any of its functions. This does not change the scheme’s responsibility for the decisions that are taken. Before entering into an arrangement the FSCS must be satisfied that the person is competent to carry out the function and has been given sufficient directions.