1

The Secretary of State may by order made with the concurrence of the Treasury and after consultation with the Financial Services Authority provide that specified provisions in the first Group of Parts shall apply with specified modifications in relation to any person who—

a

has a liability in respect of a deposit which he accepted in accordance with the Banking Act 1979 (c. 37) or 1987 (c. 22), but

b

does not have permission under Part IV of the Financial Services and Markets Act 2000 (c. 8) (regulated activities) to accept deposits.

1A

Subsection (1)(b) shall be construed in accordance with—

a

section 22 of the Financial Services and Markets Act 2000 (classes of regulated activity and categories of investment),

b

any relevant order under that section, and

c

Schedule 2 to that Act (regulated activities).