The FSCS may:
pay compensation to eligible claimants or secure continuity of insurance for eligible claimants when a relevant person is unable or likely to be unable to meet claims against it in accordance with the sourcebook; and
make levies on participant firms, in accordance with FEES 6 (Financial Services Compensation Scheme Funding)1, to enable it to pay compensation, secure continuity of insurance, or meet the costs of discharging its functions under this sourcebook.1
The FSCS may agree to pay the reasonable costs of an eligible claimant bringing or continuing insolvency proceedings against a relevant person (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.