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

Date-stamp loading

Version status: Partly in force | Document consolidation status: Updated to reflect all known changes

Published date: 18 February 2014

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
Partly 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
Partly 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

Page overview

RELATED

Document overview

Set a date to view the document

Text comparison

Print / Export Options

Export

Report template

Alert me to changes

Bookmarks

Search within this document

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

Request a trial

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

Set a date to view the document

Text comparison

Print / Export Options

Export

Report template

Alert me to changes

Bookmarks

Search within this document

Share

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.