The Financial Services and Markets Act 2000 (Financial Services Compensation Scheme) Order 2013
The Financial Conduct Authority (the FCA) and the Prudential Regulation Authority (the PRA) are both responsible for making rules for the Financial Services Compensation Scheme to enable it to compensate persons in circumstances where relevant persons (as defined in s. 213(9) of the Financial Services and Markets Act 2000 (the Act)) are unable, or likely to be unable, to satisfy claims against them; or, in cases where persons (successors, as defined in section 213(1)(b) of the Act) have assumed responsibility for acts or omissions of relevant persons, those successors are unable, or likely to be unable, to satisfy claims based on those acts or omissions (s.213(1) of the Act).