COMP 2.2 Duties of the FSCS

The FSCS must administer the compensation scheme in accordance with the rules in this sourcebook and any other rules prescribed by law to ensure that the compensation scheme is administered in a manner that is procedurally fair and in accordance with the European Convention on Human Rights.

The FSCS must publish information for claimants and potential claimants on the operation of the compensation scheme.

The FSCS may agree to pay the reasonable costs of an eligible claimant bringing or continuing insolvency proceedings against a relevant person or, where applicable, a successor (whether those proceedings began before or after a determination of default), if the FSCS is satisfied that those proceedings would help it to discharge its functions under the requirements of this sourcebook.

The FSCS must have regard to the need to use its resources in the most efficient and economic way in carrying out its functions under the requirements of this sourcebook.

The FSCS must take appropriate steps to ensure that potential claimants are informed of how they can make a claim for compensation as soon as possible after a determination has been made that a relevant person (or, where applicable, a successor) is in default, whether by the FSCS or the FCA.

The FSCS must put in place and publish procedures which satisfy the minimum requirements of procedural fairness and comply with the European Convention on Humans Rights for the handling of any complaints of maladministration relating to any aspect of the operation of the compensation scheme.