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Financial Services Act 1986 (Repealed)
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- UK Public General Acts
- 1986 c. 60
- Part IX
- Section 185
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Changes over time for: Section 185
Version Superseded: 01/06/1998
Alternative versions:
- 01/02/1991- Amendment
- 19/06/1995
Point in time - 01/06/1998- Amendment
- Stop date 01/12/2001- Amendment
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Point in time view as at 19/06/1995. This version of this provision has been superseded.
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185 Banking business.U.K.
(1)A notice under section 183 above relating to the carrying on of a deposit-taking business as [F1an authorised institution within the meaning of the Banking Act 1987] shall be served by the Treasury and may be either a disqualification notice or a partial restriction notice.
(2)A disqualification notice relating to such business shall have the effect of—
(a)cancelling any [F2authorisation] granted to the person concerned under the [F2Banking Act 1987]; and
(b)disqualifying him from becoming [F2an authorised institution] within the meaning of that Act.
(3)A partial restriction notice relating to such business may—
(a)prohibit the person concerned from dealing with or disposing of his assets in any manner specified in the direction;
(b)impose limitations on the acceptance by him of deposits;
(c)prohibit him from soliciting deposits either generally or from persons who are not already depositors;
(d)prohibit him from entering into any other transaction or class of transactions;
(e)require him to take certain steps, to pursue or refrain from pursuing a particular course of activities or to restrict the scope of his business in a particular way.
(4)The Treasury shall serve on the Bank of England a copy of any notice served by them under section 183 above.
(5)Any person who contravenes any provision of a partial restriction notice served on him by the Treasury under this section shall be guilty of an offence and liable—
(a)on conviction on indictment, to a fine;
(b)on summary conviction, to a fine not exceeding the statutory maximum.
(6)Any such contravention shall be actionable at the suit of a person who suffers loss as a result of the contravention subject to the defences and other incidents applying to actions for breach of statutory duty, but no such contravention shall invalidate any transaction.
(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
Textual Amendments
F1Words substituted by Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 27(4)(a)
F2Words substituted by Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 27(4)(b)
F3S. 185(7) repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(2), Sch. 7 Pt. I
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