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Financial Services Act 2012

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Financial Services Act 2012, PART 2 is up to date with all changes known to be in force on or before 28 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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PART 2 U.K.Amendments of Part 2 of the Act

29U.K.Part 2 of the Banking Act 2009 is amended as follows.

Commencement Information

I1Sch. 17 para. 29 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

30U.K.In section 91 (interpretation: “bank”), for “Part 4” substitute “ Part 4A ”.

Commencement Information

I2Sch. 17 para. 30 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

31U.K.In section 93 (interpretation: other expressions), for subsection (1) substitute—

(1)In this Part—

(a)the PRA” means the Prudential Regulation Authority, and

(b)the FCA” means the Financial Conduct Authority.

Commencement Information

I3Sch. 17 para. 31 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

32U.K.In section 95 (application), in subsection (1)(b), for “FSA” substitute “ PRA ”.

Commencement Information

I4Sch. 17 para. 32 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

33U.K.In section 96 (grounds for applying), for “FSA”, in each place, substitute “ PRA ”.

Commencement Information

I5Sch. 17 para. 33 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

34U.K.In section 97 (grounds for making), in subsection (1), for “FSA” substitute “ PRA ”.

Commencement Information

I6Sch. 17 para. 34 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

35U.K.In section 98 (commencement), in subsection (2), for “FSA”, in both places, substitute “ PRA ”.

Commencement Information

I7Sch. 17 para. 35 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

36(1)Section 100 (liquidation committee) is amended as follows.U.K.

(2)For subsection (2) substitute—

(2)The liquidation committee is to consist initially of—

(a)two individuals nominated by the Bank of England,

(b)one individual nominated by the PRA,

(c)one individual nominated by the FCA, and

(d)one individual nominated by the FSCS.

(3)In subsection (6)(c), for “and the FSA” substitute “ , the PRA and the FCA ”.

Commencement Information

I8Sch. 17 para. 36 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

37U.K.In section 101 (liquidation committee: supplemental), in subsection (7), for “FSA” substitute “ PRA, the FCA ”.

Commencement Information

I9Sch. 17 para. 37 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

38U.K.In section 103 (general powers, duties and effect), in the Table—

(a)in the entry relating to section 147 of the Insolvency Act 1986, for “FSA” substitute “ PRA ”, and

(b)in the entry relating to section 241 of that Act, for “FSA” substitute “ PRA ”.

Commencement Information

I10Sch. 17 para. 38 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

39(1)Section 108 (removal by court) is amended as follows.U.K.

(2)In subsection (1)(b), for “FSA” substitute “ PRA ”.

(3)In subsection (2)—

(a)for “FSA” substitute “ PRA ”, and

(b)after “England” insert “ and the FCA ”.

(4)In subsection (3), for “FSA” substitute “ PRA and the FCA ”.

Commencement Information

I11Sch. 17 para. 39 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

40U.K.In section 109 (removal by creditors), in subsection (4) for “and the FSA” substitute “ , the PRA and the FCA ”.

Commencement Information

I12Sch. 17 para. 40 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

41U.K.In section 113 (company voluntary arrangement), in subsection (2)(b), for sub-paragraph (i) substitute—

(i)the PRA,

(ia)the FCA,.

Commencement Information

I13Sch. 17 para. 41 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

42U.K.In section 115 (dissolution), in subsection (2)(b), for sub-paragraph (i) substitute—

(i)the PRA,

(ia)the FCA,.

Commencement Information

I14Sch. 17 para. 42 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

43U.K.In section 117 (bank insolvency as alternative order), in subsection (2)(a)—

(a)for “FSA” substitute “ PRA ”, and

(b)after “England” insert “ and the FCA ”.

Commencement Information

I15Sch. 17 para. 43 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

44(1)Section 120 (notice of preliminary steps) is amended as follows.U.K.

(2)For “FSA”, in each place (including the heading), substitute “ PRA ”.

(3)In subsection (6), after “filed” insert “ (in Scotland, lodged) ”.

(4)In subsection (10), in paragraph (a), after “England” insert “ and the FCA ”.

Commencement Information

I16Sch. 17 para. 44 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

45U.K.After section 129 insert—

129ABanks not regulated by PRA

(1)In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.

(2)In this section—

  • FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000;

  • immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000;

  • PRA-authorised person” has the meaning given by section 2B(5) of that Act.

TABLE OF MODIFICATIONS
ProvisionModification
Section 95Treat the reference to the PRA in subsection (1) as a reference to the FCA.
Section 96

(a)Treat the references to the PRA in subsections (2) and (3) as references to the FCA.

(b)If the bank has as a member of its immediate group a PRA-authorised person the Bank of England must consult the PRA before applying for a bank insolvency order.

(c)The FCA must consult the PRA before applying for a bank insolvency order.

Section 97Treat the reference to the PRA in subsection (1) as a reference to the FCA.
Section 98Treat the references to the PRA in subsection (2) as references to the FCA.
Section 100

(a)Treat the reference to two individuals in subsection (2)(a) as a reference to one individual.

(b)Ignore subsection (2)(b).

(c)Ignore the reference to the PRA in subsection (6)(c).

Section 101Ignore the reference to the PRA in subsection (7).
Section 103In the Table, in the entries relating to sections 147 and 241 of the Insolvency Act 1986, treat the reference to the PRA as a reference to the FCA.
Section 108

(a)Treat the reference to the PRA in subsections (1) and (2) as a reference to the FCA.

(b)Ignore the duty to consult the FCA in subsection (2).

(c)Ignore the reference to the PRA in subsection (3).

Section 109Ignore the reference to the PRA in subsection (4).
Section 113Ignore subsection (2)(b)(i).
Section 115Ignore subsection (2)(b)(i).
Section 117

(a)Treat the reference to the PRA in subsection (2) as a reference to the FCA.

(b)Ignore the duty to obtain the consent of the FCA in subsection (2)(a).

Section 120

(a)Treat the references to the PRA in subsections (5), (7) and (10) as references to the FCA.

(b)Ignore the duty to inform the FCA in subsection (10)(a).

Commencement Information

I17Sch. 17 para. 45 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

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