Bank of England Act 1998

Section 23.

SCHEDULE 5U.K. Transfer of functions: consequential amendments

Part IU.K. Banking supervision

Chapter IU.K. Banking Act 1987

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Chapter IIU.K. Banking Coordination (Second Council Directive) Regulations 1992

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Chapter IIIU.K. Other Enactments

Consumer Credit Act 1974 (c. 39)U.K.

36U.K.In the Consumer Credit Act 1974, in section 16(3)(f), for “Bank of England” there is substituted “ Financial Services Authority ”.

Insolvency Act 1986 (c. 45)U.K.

37U.K.In the Insolvency Act 1986, in section 422(1), for “Bank of England” there is substituted “ Financial Services Authority ”.

Building Societies Act 1986 (c. 53)U.K.

38(1)Section 101 of the Building Societies Act 1986 is amended as follows.U.K.

(2)In subsection (4), for “Bank”, in both places, there is substituted “ Authority ”.

(3)In subsection (6)—

(a)for the definition of “the Bank” there is substituted—

• ““the Authority” means the Financial Services Authority”, and

(b)in paragraph (c) of the definition of “financial institution”, for “Bank” there is substituted “ Authority ”.

Financial Services Act 1986 (c. 60)U.K.

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Insolvency (Northern Ireland) Order 1989 S.I. 1989/2405 (N.I. 19)U.K.

40U.K.In the Insolvency (Northern Ireland) Order 1989, in Article 366, for “Bank of England” there is substituted “ Financial Services Authority ”.

Courts and Legal Services Act 1990 (c. 41)U.K.

41(1)The Courts and Legal Services Act 1990 is amended as follows.U.K.

(2)In sections 37(8)(a) and 48(4)(a), the words “by the Bank of England” are omitted.

(3)In section 52(6)—

(a)in paragraph (a), the words “by the Bank of England” are omitted, and

(b)for “with the Bank of England” there is substituted “ with the Financial Services Authority ”.

(4)In section 54(1), in the inserted subsection (2)(e)(i), the words “by the Bank of England,” are omitted.

Charities Act 1993 (c. 10)U.K.

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Building Societies Act 1997 (c. 32)U.K.

43(1)Section 32 of the Building Societies Act 1997 is amended as follows.U.K.

(2)In subsection (1), for “Bank” there is substituted “ Authority ”.

(3)In subsection (3)(a), for “Governor of the Bank” there is substituted “ Chairman of the Authority ”.

(4)In subsection (7), for the definition of “the Bank” there is substituted—

• ““the Authority” means the Financial Services Authority.”

Part IIU.K. Supervision under section 43 of the Financial Services Act 1986

Financial Services Act 1986 (c. 60)U.K.

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Investment Services Regulations 1995 (S.I. 1995/3275)U.K.

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Part IIIU.K. Supervision under section 171 of the Companies Act 1989

Companies Act 1989 (c. 40)U.K.

46U.K.The Companies Act 1989 is amended as follows.

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48(1)Section 176 is amended as follows.U.K.

(2)In subsection (2)(b), for “Bank of England” there is substituted “ Financial Services Authority ”.

(3)For subsection (6) there is substituted—

“(6)Before making regulations under this section relating to a description of charges defined by reference to their being granted in favour of a person included in the list maintained by the Financial Services Authority for the purposes of section 171, or in connection with exchange facilities or clearing services provided by a person included in that list, the Secretary of State and the Treasury shall consult the Authority and the Bank of England.

(6A)Before making regulations under this section relating to a description of charges defined by reference to their being granted in favour of the Bank of England, or in connection with settlement arrangements provided by the Bank, the Secretary of State and the Treasury shall consult the Bank.”

Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))U.K.

49(1)The Companies (No. 2) (Northern Ireland) Order 1990 is amended as follows.U.K.

50U.K.In article 93(3), for “and the Bank of England” there is substituted “ , the Bank of England and the Financial Services Authority ”.

51(1)Article 98 is amended as follows.U.K.

(2)In paragraph (2)(b), for “Bank of England” there is substituted “ Financial Services Authority ”.

(3)For paragraph (6) there is substituted—

“(6)Before making regulations under this Article relating to a description of charges defined by reference to their being granted in favour of a person included in the list maintained by the Financial Services Authority for the purposes of section 171 of the M1Companies Act 1989, or in connection with exchange facilities or clearing services provided by a person included in that list, the Department shall consult the Treasury, the Authority and the Bank of England.

(6A)Before making regulations under this Article relating to a description of charges defined by reference to their being granted in favour of the Bank of England, or in connection with settlement arrangements provided by the Bank, the Department shall consult the Treasury and the Bank.”

Part IVU.K. General: disclosure of information

Chapter IU.K. Banking Act 1987

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Chapter IIU.K. Other Enactments

Consumer Credit Act 1974 (c. 39)U.K.

60U.K.In section 174(3A) of the Consumer Credit Act 1974—

(a)for “Bank of England” there is substituted “ Financial Services Authority ”, and

(b)for “Bank” there is substituted “ Authority ”.

Insurance Companies Act 1982 (c. 50)U.K.

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Companies Act 1985 (c. 6)U.K.

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Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6))U.K.

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Building Societies Act 1986 (c. 53)U.K.

64(1)The Building Societies Act 1986 is amended as follows.U.K.

(2)In section 53, in subsection (5)—

(a)for “Bank of England”, in the first place where it occurs, there is substituted “ Financial Services Authority ”,

(b)for paragraph (b) there is substituted—

“(b)by the Authority of any of its functions under the Banking Act 1987 or as a supervisor of money market institutions;”, and

(c)for “Bank of England”, in the second place where it occurs, there is substituted “ Authority ”.

(3)In that section, after subsection (5) there is inserted—

“(5A)Nothing in subsection (1) above prohibits the disclosure of information to the Bank of England where, in the opinion of the Commission, it is desirable or expedient that the information should be disclosed with a view to facilitating the discharge—

(a)by the Commission of any of its functions under this Act; or

(b)by the Bank of any of its functions;

nor does subsection (1) above prohibit further disclosure of the information by the Bank of England with the consent of the Commission.”

(4)In section 54(3A)—

(a)for “Bank of England”, in the first place where it occurs, there is substituted “ Financial Services Authority, other than in its capacity as a designated agency within the meaning of the M2Financial Services Act 1986, ”, and

(b)for “Bank of England”, in the second place where it occurs, there is substituted “ Financial Services Authority ”.

Financial Services Act 1986 (c. 60)U.K.

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Companies Act 1989 (c. 40)U.K.

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Courts and Legal Services Act 1990 (c. 41)U.K.

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Friendly Societies Act 1992 (c. 40)U.K.

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Pension Schemes Act 1993 (c. 48)U.K.

69(1)The Pension Schemes Act 1993 is amended as follows.U.K.

(2)In section 149(6)(e), for “Bank of England” there is substituted “ Financial Services Authority ”.

(3)In section 158A(1), in the Table, in the entry relating to the Bank of England, for the words in the second column there is substituted “Any of its functions”, and after that entry there is inserted—

Pension Schemes (Northern Ireland) Act 1993 (c.49)U.K.

70(1)The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.U.K.

(2)In section 145(6)(e), for “Bank of England” there is substituted “ Financial Services Authority ”.

(3)In section 154A(1), in the Table, in the entry relating to the Bank of England, for the words in the second column there is substituted “ Any of its functions ”, and after that entry there is inserted—

Pensions Act 1995 (c. 26)U.K.

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Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))U.K.

72U.K.In Article 105(1) of the Pensions (Northern Ireland) Order 1995, in the Table, in the entry relating to the Bank of England, for the words in the second column there is substituted “ Any of its functions ”, and after that entry there is inserted—