- Latest available (Revised)
- Original (As enacted)
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
5(1)The Secretary of State may impose restrictions on the individual's use of, or access to, such descriptions of financial services as are specified.E+W+S+N.I.
(2)The Secretary of State may, in particular, impose any of the following requirements—
(a)a requirement not to hold any accounts, without the permission of the Secretary of State, other than the nominated account (see sub-paragraph (3));
(b)a requirement to close, or to cease to have an interest in, accounts;
(c)a requirement to comply with specified conditions in relation to the holding of any account (including the nominated account) or any other use of financial services;
(d)a requirement not to possess, or otherwise control, cash over a total specified value without the permission of the Secretary of State.
(3)The Secretary of State must allow the individual to hold (at least) one account (the “nominated account”) if—
(a)the individual gives notice to the Secretary of State of the holding of the nominated account, and
(b)the account is held with a bank.
(4)In sub-paragraph (3) “bank” means an institution which is incorporated in, or formed under the law of, any part of the United Kingdom and which has permission under [F1Part 4A ]of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits (within the meaning of section 22 of that Act, taken with Schedule 2 to that Act and any order under section 22 of that Act).
(5)The reference in sub-paragraph (2)(d) to possessing or otherwise controlling cash does not include any cash that is held in an account with a person providing financial services (in accordance with any requirements imposed under this paragraph).
(6)In sub-paragraph (2)(d) “cash” means—
(a)coins and notes in any currency,
(c)cheques of any kind, including travellers' cheques,
(e)bearer bonds and bearer shares, and
(f)such other kinds of monetary instrument as may be specified.
(7)A reference in this paragraph to the individual holding an account is a reference to an account held with a person providing financial services—
(a)that is in the individual's name or is held for the individual's benefit (whether held solely in the individual's name or jointly with one or more other persons); or
(b)in respect of which the individual has power of attorney or can otherwise exercise control.
(8)In this paragraph “financial services” means any service of a financial nature, including (but not limited to) banking and other financial services consisting of—
(a)accepting deposits and other repayable funds;
(b)lending (including consumer credit and mortgage credit);
(c)payment and money transmission services (including credit, charge and debit cards).
Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: