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

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)

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

Request a trial

The best way to experience Better Regulation is to try it - free and without obligation.

Take a trial

Table of Contents

Page Overview

Related

Document Overview

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

Table of Contents

Page Overview

Related

Document Overview

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

Log in

Request a trial

The best way to experience Better Regulation is to try it - free and without obligation.