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13. In regulation 1 of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997(1) (interpretation) –
(a)in paragraph (2) for the definition of “reference banks”(2) there shall be substituted the following definition –
““reference banks” means the 4 largest persons for the time being who –
have permission under Part IV of the Financial Services and Markets Act 2000(3) to accept deposits;
are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits; and
quote a base rate applicable to sterling deposits;”;
(b)after paragraph (2) there shall be inserted the following paragraph –
“(2A) In paragraph (2) the definition of “reference banks” shall be read with –
(a)section 22 of the Financial Services and Markets Act 2000 (regulated activities);
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.”.
S.R. 1997 No. 141; relevant amending regulations are S.R. 1998 No. 233
Definition of “reference banks” was amended by regulation 3 of S.R. 1998 No. 233
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