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  1. Financial Services (Banking Reform) Act 2013 (c. 33)
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Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Published date: 18 February 2014

Financial Services (Banking Reform) Act 2013 (c. 33)

Consolidation Status: Updated to reflect all known changes
Comparing proposed amendment...
Introductory Text
Part 1 Ring-fencing (ss. 1-12)
Ring-fencing (ss. 1-7)
In force
 1. Objectives of Prudential Regulation Authority
In force
 2. Modification of objectives of Financial Conduct Authority
In force
 3. Amendment of PRA power of direction
In force
 4. Ring-fencing of certain activities
In force
 5. PRA annual report
In force
 6. Ring-fencing transfer schemes
In force
 7. Building societies: power to make provision about ring-fencing
Reviews (ss. 8-12)
In force
 8. Independent review of operation of legislation relating to ring-fencing
In force
 9. PRA review of proprietary trading
In force
 10. Independent review of proprietary trading
In force
 11. Reviews of proprietary trading: interpretation
In force
 12. Right to obtain documents and information
Part 2 Depositor preference and the Financial Services Compensation Scheme (ss. 13-16)
Depositor preference (s. 13)
In force
 13. Preferential debts: Great Britain
Financial Services Compensation Scheme (ss. 14-16)
In force
 14. Discharge of functions by the scheme manager
Omitted
 15. Power to require information from scheme manager
In force
 16. Scheme manager: appointment of accounting officer
Part 3 Bail-in stabilisation option (s. 17)
In force
 17. Bail-in stabilisation option
Part 4 Conduct of persons working in financial services sector (ss. 18-38)
Amendments of FSMA 2000 (ss. 18-35)
In force
 18. Functions for which approval is required
In force
 19. Senior management functions
In force
 20. Statements of responsibilities
In force
 21. Vetting by relevant authorised persons of candidates for approval
In force
 22. Determination of applications for approval
In force
 23. Power to give approval subject to conditions or for limited period
In force
 24. Changes in responsibilities of senior managers
In force
 25. Duty to notify regulator of grounds for withdrawal of approval
In force
 26. Variation of approval
In force
 27. Statement of policy
In force
 28. Extension of limitation periods for imposing sanctions
In force
 29. Certification of employees by relevant authorised persons
In force
 30. Rules of conduct
In force
 31. Requirement to notify regulator of disciplinary action
In force
 32. Definition of "misconduct"
Omitted
 33. Meaning of "relevant authorised person"
In force
 34. Recording information about senior managers
In force
 35. Consequential amendments relating to Part 4
Offence (ss. 36-38)
In force
 36. Offence relating to a decision causing a financial institution to fail
In force
 37. Section 36: interpretation
In force
 38. Institution of proceedings
Part 5 Regulation of payment systems (ss. 39-110)
Overview (s. 39)
In force
 39. Overview
The Payment Systems Regulator (s. 40)
In force
 40. The Payment Systems Regulator
"Payment system" etc (ss. 41-42)
In force
 41. Meaning of "payment system"
In force
 42. Participants in payment systems etc
Designation as a regulated payment system (ss.43-48)
In force
 43. Designation orders
In force
 44. Designation criteria
In force
 45. Procedure
In force
 46. Amendment of designation order
In force
 47. Revocation of designation orders
In force
 48. Publication
General duties of Regulator (ss. 49-53)
In force
 49. Regulator's general duties in relation to payment systems
In force
 50. The competition objective
In force
 51. The innovation objective
In force
 52. The service-user objective
Partly in force
 53. Regulatory principles
Regulatory and competition functions (ss. 54-67)
In force
 54. Directions
In force
 55. System rules
In force
 56. Power to require granting of access to payment systems
In force
 57. Variation of agreements relating to payment systems
In force
 58. Power to require disposal of interest in payment system
In force
 59. The Regulator's functions under Part 4 of the Enterprise Act 2002
In force
 60. Restrictions on exercise of functions under Part 4 of the Enterprise Act 2002
In force
 61. The Regulator's functions under the Competition Act 1998
In force
 62. Duty to consider exercise of powers under Competition Act 1998
In force
 63. Provision of information and assistance to a CMA group
In force
 64. Function of keeping markets under review
In force
 65. Exclusion of general duties
In force
 66 Concurrent competition powers: supplementary provision
In force
 67. Amendments relating to Regulator's competition powers
Complaints (ss. 68-70)
In force
 68. Complaints by representative bodies
In force
 69. Response by Regulator
In force
 70. Complaints: guidance
Enforcement and appeals (ss. 71-80)
In force
 71. Meaning of "compliance failure"
In force
 72. Publication of compliance failures etc
In force
 73. Penalties
In force
 74. Warning notices
In force
 75. Injunctions
In force
 76. Appeals: general
In force
 77. Appeals to Competition Appeal Tribunal
In force
 78. Appeals in relation to penalties
In force
 79. Appeals to Competition and Markets Authority
In force
 80. Enforcement of requirement to dispose of interest in payment system
Information and investigation powers (ss. 81-90)
In force
 81. Power to obtain information or documents
In force
 82. Reports by skilled persons
In force
 83. Appointment of persons to conduct investigations
In force
 84. Investigations: general
In force
 85. Powers of persons appointed under section 83
In force
 86. Information and documents: supplemental provisions
In force
 87. Admissibility of statements made to investigators
In force
 88. Entry of premises under warrant
In force
 89. Retention of documents taken under section 88
In force
 90. Enforcement of information and investigation powers
Disclosure of information (ss. 91-95)
In force
 91. Restrictions on disclosure of confidential information
In force
 92. Exemptions from section 91
In force
 93. Offences relating to disclosure of confidential information
In force
 94. Information received from Bank of England
In force
 95. Disclosure of information by Bank to Regulator
Guidance (s. 96)
In force
 96. Guidance
Reports (s. 97)
In force
 97. Reports
Technical Standards (ss. 97A-97D)
In force
 97A. Technical standards
In force
 97B. Standards instruments
In force
 97C. Treasury approval
In force
 97D. Application of section 104 of this Act and Part 9A of the Financial Services and Markets Act 2000
Relationship with other regulators (ss. 98-102)
In force
 98. Duty of regulators to ensure co-ordinated exercise of functions
In force
 99. Memorandum of understanding
In force
 100. Power of Bank to require Regulator to refrain from specified action
In force
 101. Power of FCA to require Regulator to refrain from specified action
In force
 102. Power of PRA to require Regulator to refrain from specified action
Recommendations (s. 102A)
In force
 102A. Recommendations by Treasury in connection with general duties
Consultation, accountability and oversight (ss. 102B-107A)
In force
 102B Matters to consider when imposing generally applicable requirements
In force
 103. Regulator's general duty to consult
In force
 104. Consultation in relation to generally applicable requirements
In force
 104A Requirements in connection with public consultations
In force
 104B Duty of Regulator to review generally applicable requirements
In force
 104C Statement of policy relating to review of requirements
In force
 104D Requirement to review specified requirements 
In force
 104E Report on certain reviews
In force
 104F Power of Treasury to require the imposition of generally applicable requirements
In force
 104G Consultation with the FCA Cost Benefit Analysis Panel
In force
 104H Statement of policy in relation to cost benefit analyses
In force
 104I Statement of policy on panel appointments
In force
 105. Independent inquiries
In force
 106. Investigations into regulatory failure
In force
 107. Competition scrutiny
In force
 107A. International trade obligations
Miscellaneous and supplemental (ss. 108-110)
In force
 108. Relationship with Part 8 of the Payment Services Regulations 2017
In force
 109. Exemption from liability in damages for FCA and PRA
In force
 110. Interpretation of Part
Part 6 Special administration for operators of certain infrastructure systems (ss. 111-128)
Introductory (ss. 111-113)
In force
 111. Financial market and cash infrastructure administration
In force
 112. Interpretation: infrastructure companies
In force
 113. Interpretation: other expressions
FMI administration orders (ss. 114-121)
In force
 114. FMI administration orders
In force
 115. Objective of FMI administration
In force
 116. Application for FMI administration order
In force
 117. Powers of court
In force
 118. FMI administrators
In force
 119. Continuity of supply
In force
 120. Power to direct FMI administrator
In force
 121. Conduct of administration, transfer schemes etc.
Restrictions on other insolvency procedures (ss. 122-124)
In force
 122. Restriction on winding-up orders and voluntary winding up
In force
 123. Restriction on making of ordinary administration orders
In force
 124. Restriction on enforcement of security
In force
 124A. Powers of Bank to participate in Part 26A proceedings
Financial support for companies in FMI administration (ss. 125-126)
In force
 125. Loans
In force
 126. Indemnities
Interpretation (s. 127)
In force
 127. Interpretation of Part
Application of Part to Northern Ireland (s. 128)
In force
 128. Northern Ireland
Part 7 Miscellaneous (ss. 129-141)
Competition (ss. 129-130)
In force
 129. Functions of FCA under competition legislation
In force
 130. Competition as a secondary objective of the PRA
Consumers (ss. 131-132)
In force
 131. Duty of FCA to make rules restricting charges for high-cost short-term credit
In force
 132. Role of FCA Consumer Panel in relation to PRA
Parent undertakings (s. 133)
In force
 133. Power of FCA and PRA to make rules applying to parent undertakings
Meetings with auditors (s. 134)
In force
 134. Duty to meet auditors of certain institutions
Fees to meet Treasury expenditure (s. 135)
In force
 135. Fees to meet Treasury expenditure relating to international organisations
Parliamentary control of statutory instruments under FSMA 2000 (s. 136)
In force
 136. Amendments of section 429 of FSMA 2000
Bank of England (s. 137)
In force
 137. Accounts of Bank of England and its wholly-owned subsidiaries
Building societies (s. 138)
In force
 138. Building societies
Claims management services (ss. 139-140)
Omitted
 139. Power to impose penalties on persons providing claims management services
Omitted
 140. Recovery of expenditure incurred by Office for Legal Complaints
Minor amendments (s. 141)
In force
 141. Minor amendments
Part 8 Final provisions (ss. 142-148)
In force
 142. Orders and regulations: general
In force
 143. Orders and regulations: Parliamentary control
In force
 144. Interpretation
In force
 145. Power to make further consequential amendments
In force
 146. Transitional provisions and savings
In force
 147. Extent
In force
 148. Commencement and short title
In force
 Schedule 1 Ring-fencing transfer schemes
Schedule 2 Bail-in stabilisation option
In force
 Schedule 2, Part 1 Amendments of Banking Act 2009
In force
 Schedule 2, Part 2 Modification of Investment Bank Special Administration Regulations 2011
In force
 Schedule 3 Consequential amendments relating to Part 4
In force
 Schedule 4 The Payment Systems Regulator
In force
 Schedule 5 Procedure for appeals to the CMA
In force
 Schedule 6 Conduct of FMI administration
In force
 Schedule 7 Financial market infrastructure transfer schemes
Schedule 8 Functions of FCA under competition legislation
In force
 Schedule 8, Part 1 Amendments of Financial Services and Markets Act 2000
In force
 Schedule 8, Part 2 Amendments of other legislation
In force
 Schedule 9 Building societies
In force
 Schedule 10 Minor amendments
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