Financial Services Act 2012

20(1)Section 372 (bankruptcy petitions) is amended as follows.U.K.

(2)In subsection (1), for “Authority” substitute “ FCA ”.

(3)After that subsection insert—

“(1A)The PRA may present a petition to the court—

(a)under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual who is a PRA-regulated person;

(b)under section 5 of the 1985 Act for the sequestration of the estate of an individual who is a PRA-regulated person.”

(4)In subsection (2), for “such a petition may be presented” substitute “ a petition may be presented by virtue of subsection (1) or (1A) ”.

(5)In subsection (4)(a)—

(a)for “the Authority”, in the first place, substitute “ a regulator ”, and

(b)for “the Authority”, in the second place, substitute “ that regulator ”.

(6)In subsection (6)—

(a)after “(1)(b)” insert “ or (1A)(b) ”, and

(b)in paragraph (a), for “the Authority” substitute “ the regulator by which the petition is presented ”.