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Financial Services (Banking Reform) Act 2013

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Please note:

All reference to 'Parts' and 'sections' are from the Financial Services (Banking Reform) Act 2013. For more information about understanding Explanatory NotesRhagor o Adnoddau.

  1. INTRODUCTION

  2. Summary and Background

    1. Background

    2. Summary

  3. Territorial Extent and Application

  4. Commentary

    1. Part 1 – Ring-Fencing

      1. Ring-fencing

        1. Section 2: Modification of objectives of the Financial Conduct Authority

        2. Section 3: Amendment of PRA power of direction

        3. Section 4: Ring-fencing of certain activities

        4. Section 5: PRA annual report

        5. Section 6: Ring-fencing transfer schemes

        6. Section 7: Building societies: power to make provision about ring-fencing

        7. Section 8: Independent review of operation of legislation relating to ring-fencing

        8. Section 9: PRA review of proprietary trading

        9. Section 10: Independent review of proprietary trading

        10. Section 11: Reviews of proprietary trading: interpretation

        11. Section 12: Right to obtain documents and information

    2. Part 2 – Depositor Preference and the Financial Services Compensation Scheme

      1. Depositor preference

        1. Section 13: Preferential debts: Great Britain

      2. Financial Services Compensation Scheme

        1. Section 14: Discharge of functions by scheme manager

        2. Section 15: Power to require information

        3. Section 16: Scheme manager: appointment of accounting officer

    3. Part 3 – Bail-in Stabilisation Option

      1. Section 17: Bail-in stabilisation option

    4. Part 4 – Conduct of Persons Working in Financial Services Sector

      1. Amendments of FSMA

        1. Section 18: Functions for which approval is required

        2. Section 19: Senior Management Functions

        3. Section 20: Statements of responsibilities

        4. Section 21: Vetting by relevant authorised persons of candidates for approval

        5. Section 22: Determination of applications for approval

        6. Section 23: Power to give approval subject to conditions or for a limited period

        7. Section 24: Changes in responsibilities of senior managers

        8. Section 25: Duty to notify regulator of grounds for withdrwal of approval

        9. Section 26: Variation of approval

        10. Section 27: Statement of policy

        11. Section 28: Extension of limitation periods for imposing sanctions

        12. Section 29: Certification of employees by relevant authorised persons

        13. Section 30: Rules of conduct

        14. Section 31: Requirement to notify regulator of disciplinary action

        15. Section 32: Definition of misconduct

        16. Section 33: Meaning of “relevant authorised person”

        17. Section 34: Recording information about senior managers

        18. Section 35 and Schedule 3: Consequential amendments relating to Part 4

        19. Section 36: Offence relating to a decision causing a financial institution to fail

        20. Section 37: Section 36: interpretation

        21. Section 38: Institution of proceedings

    5. Part 5 – Regulation of Payment Systems

      1. Overview

        1. Section 39: Overview

      2. The Payment Systems Regulator

        1. Section 40 and Schedule 4: The Payment Systems Regulator

      3. “Payment system” etc

        1. Section 41: Meaning of “payment system”

        2. Section 42: Participants in payment systems etc

      4. Designation as a regulated payment system

        1. Sections 43 to 48: Designation orders

      5. General duties of Regulator

        1. Sections 49 to 53: Duties of Regulator

      6. Regulatory and competition functions

        1. Sections 54 to 58: Powers of Regulator

        2. Sections 59: The Regulator’s functions under Part 4 of the Enterprise Act 2002

        3. Section 60: Restrictions on exercise of functions under Part 4 of the Enterprise Act 2002

        4. Section 61: The Regulator’s functions under the Competition Act 1998

        5. Section 62: Duty to consider exercise of powers under Competition Act 1998

        6. Sections 63 to 67: The Regulator’s competition powers

      7. Complaints

        1. Sections 68 to 70: Complaints

        2. Sections 71 to 79 and Schedule 5: Enforcement and appeals

        3. Section 80: Enforcement of requirement to dispose of interest in payment system

        4. Sections 81 to 90: Information and investigation powers

        5. Sections 91 to 95: Disclosure of information

        6. Section 96: Guidance

        7. Section 97: Reports

        8. Sections 98 to 102: Relationships between the regulators

        9. Sections 103 to 107: Consultation and accountability

        10. Sections 108 to 110: Miscellaneous and supplemental

    6. Part 6 – Special Administration for Operators of Certain Infrastructure Systems

      1. Section 115: Objective of FMI administration

      2. Section 116: Application for an FMI administration order

      3. Section 117: Powers of court

      4. Section 118: FMI administrators

      5. Section 119: Continuity of supply

      6. Section 120: Power to direct FMI administrator

      7. Sections 121 and Schedules 6 and 7: Conduct of administration, transfer schemes etc.

      8. Section 122: Restriction on winding-up orders and voluntary winding-up

      9. Section 123: Restriction on making of ordinary administration orders

      10. Section 124: Restrictions on enforcement of security

      11. Section 125: Loans

      12. Section 126: Indemnities

      13. Section 127: Interpretation of Part

      14. Section 128: Northern Ireland

    7. Part 7 – Miscellaneous

      1. Competition

        1. Section 129 and Schedule 8: Functions of FCA under competition legislation

        2. Section 130: Competition as a secondary objective of the PRA

        3. Section 131: Duty of FCA to make rules restricting charges for high-cost short term credit

        4. Section 132: Role of FCA Consumer Panel in relation to PRA

      2. Parent undertakings

        1. Section 133: Power of FCA and PRA to make rules applying to parent undertakings

        2. Section 134: Duty to meet auditors of certain institutions

      3. Fees to meet Treasury expenditure

        1. Section 135: Fees to meet Treasury expenditure

      4. Parliamentary control of statutory instruments under FSMA 2000

        1. Section 136: Amendments of section 429 of FSMA 2000

      5. Bank of England

        1. Section 137: Accounts of Bank of England and its wholly-owned subsidiaries

      6. Building Societies

        1. Section 138: Building Societies

      7. Claims Management Services

        1. Section 139: Power to impose penalties on persons providing claims management services

        2. Section 140: Recovery of expenditure incurred by Office for Legal Complaints

      8. Minor Amendments

        1. Section 141: Minor amendments

      9. Final Provisions

        1. Section 142: Orders and regulations: general

        2. Section 143: Orders and regulations: parliamentary control

        3. Section 144: Interpretation

        4. Section 145: Power to make further consequential amendments

        5. Section 146: Transitional provisions and savings

        6. Section 147: Extent

        7. Section 148: Commencement and short title

  5. Commencement

  6. Hansard References

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