Law Reform (Miscellaneous Provisions) (Scotland) Act 1990

Prospective

19 Executry services by recognised financial institutions. S

(1) Subject to subsection (3) below, a recognised financial institution may provide executry services if it has notified the Board that—

(a) it intends to do so;

(b) it complies with such requirements as may be prescribed by regulations made by the Secretary of State with respect to the educational qualifications and practical training of those of its employees who are to be engaged in the provision of executry services; and

(c) it is a member of, or otherwise subject to, a scheme which—

(i) has been established (whether or not exclusively) for the purpose of dealing with complaints about the provision of executry services; and

(ii) complies with such requirements as may be prescribed by regulations made by the Secretary of State with respect to matters relating to such complaints.

[F1 (2) In this section “recognised financial institution” means—

(a) any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;

(c) any subsidiary (as defined by section 736(1) of the Companies Act 1985) of a body falling within paragraph (a) or (b) above whose business or any part of whose business consists of the provision of executry services.]

[F2 (2A) The definition of “recognised financial institution” in subsection (2) above must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.]

(3) Where—

(a) a recognised financial institution ceases (for whatever reason) to comply with the requirements with respect to educational qualifications and practical training referred to in paragraph (b) of subsection (1) above;

(b) a recognised financial institution ceases (for whatever reason) to be a member of, or otherwise subject to, a scheme referred to in a notice given by it under that subsection; or

(c) such a scheme ceases to comply with the requirements mentioned in paragraph (c)(ii) of that subsection,

the recognised financial institution shall notify the Board of that fact and shall forthwith cease providing executry services.

(4) The Board shall maintain a list of recognised financial institutions which have given notice under subsection (1) above and shall make the list available to any person without charge.

(5) The Board shall, as soon as practicable after 1st April in each year, send a copy of the list maintained under subsection (4) above to the Keeper of the Registers of Scotland and to each sheriff clerk.

(6) This section, so far as it relates to a body or subsidiary mentioned in subsection (2)(c) or (d) above, is without prejudice to [F3 rules made under section 141(1) of the Financial Services and Markets Act 2000 (which may restrict insurers to carrying on insurance business).].

(7) Regulations under subsection (1) above shall be made by statutory instrument and no regulations shall be made under that subsection unless a draft of the regulations has been laid before, and approved by a resolution of, each House of Parliament.

Annotations:

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Amendments (Textual)

F1 S. 19(2) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 232(2)

F2 S. 19(2A) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 232(3)

F3 Words in s. 19(6) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 232(4)

Modifications etc. (not altering text)

C1 S. 19(2) amended (1.7.1994) by S.I. 1994/1696, reg. 68, Sch. 8 para. 19