Financial Services Act 2012

23(1)Section 375 (Authority's right to apply for an order relating to debt avoidance) is amended as follows.U.K.

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

(3)After subsection (1) insert—

“(1A)The PRA may apply for an order under section 423 of the 1986 Act (or Article 367 of the 1989 Order) in relation to a debtor if—

(a)at the time the transaction at an undervalue was entered into, the debtor was carrying on a PRA-regulated activity (whether or not in contravention of the general prohibition); and

(b)a victim of the transaction is or was party to an agreement entered into with the debtor, the making or performance of which constituted or was part of a PRA-regulated activity carried on by the debtor.”

(4)In subsection (2), after “subsection (1)(b)” insert “ or subsection (1A)(b) (as the case may be) ”.

(5)In the heading, for “Authority's right” substitute “ Right of FCA and PRA ”.