Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Published date: 18 February 2014
    Version 1 of 1    

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

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
In force
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
Partly 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
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
Consultation, accountability and oversight (ss. 103-107)
In force
103. Regulator's general duty to consult
In force
104. Consultation in relation to generally applicable requirements
In force
105. Independent inquiries
In force
106. Investigations into regulatory failure
In force
107. Competition scrutiny
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 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
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
Partly in force
Schedule 6 Conduct of FMI administration
Not yet 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