Search Legislation

Financial Services Act 2012

Status:

This is the original version (as it was originally enacted).

PART 1Amendments of Part 1 of the Act

1Part 1 of the Banking Act 2009 is amended as follows.

2(1)Section 1 (overview) is amended as follows.

(2)In subsection (5), for paragraph (c) and the “and” before it, substitute—

(c)the Prudential Regulation Authority, and

(d)the Financial Conduct Authority.

(3)In the Table, after the entry relating to sections 82 and 83, insert—

Section 83ABanks not regulated by the PRA.

3In section 2 (interpretation: “bank”), for “Part 4” substitute “Part 4A”.

4In section 3 (interpretation: other expressions), for the definition of “the FSA” and the “and” following it, substitute—

  • “the PRA” means the Prudential Regulation Authority,

  • “the FCA” means the Financial Conduct Authority, and.

5In section 4 (special resolution objectives), in subsection (3), for paragraph (b) and the “and” following it, substitute—

(b)the PRA,

(ba)the FCA, and.

6In section 5 (code of practice), in subsection (5), for paragraph (b) and the “and” following it, substitute—

(b)the PRA,

(ba)the FCA, and.

7(1)Section 6 (code of practice: procedure) is amended as follows.

(2)Omit subsections (1) and (2).

(3)For subsection (4) substitute—

(4)Before re-issuing the code of practice the Treasury must consult—

(a)the PRA,

(b)the FCA,

(c)the Bank of England, and

(d)the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000).

(5)As soon as is reasonably practicable after re-issuing the code of practice the Treasury shall lay a copy before Parliament.

8(1)Section 7 (general conditions) is amended as follows.

(2)In subsection (1), for “FSA” substitute “PRA”.

(3)In subsection (2), omit the words from “(within” to the end.

(4)In subsection (4), for “FSA” substitute “PRA”.

(5)After that subsection insert—

(4A)The threshold conditions” means the threshold conditions, as defined by subsection (1) of section 55B of the Financial Services and Markets Act 2000, for which the PRA is treated as responsible under subsection (2) of that section.

(6)In subsection (5)—

(a)for “FSA” substitute “PRA”, and

(b)at the end of paragraph (a) insert—

(aa)the FCA,.

9In section 8 (specific conditions: private sector purchaser and bridge bank), in subsection (3), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

10In section 9 (specific conditions: temporary public ownership), in subsection (4), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

11In section 10 (Banking Liaison Panel), in subsection (3), for paragraph (c) substitute—

(c)a member appointed by the PRA,

(ca)a member appointed by the FCA,.

12In section 24 (procedure: instruments), in subsection (1), for paragraph (c) and the “and” following it, substitute—

(c)the PRA,

(ca)the FCA, and.

13In section 25 (procedure: orders), in subsection (2), for paragraph (c) and the “and” following it, substitute—

(c)the PRA,

(ca)the FCA, and.

14In section 26 (supplemental instruments), in subsection (5), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

15In section 27 (supplemental orders), in subsection (5), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

16In section 28 (onward transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

17In section 29 (reverse share transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

18In section 30 (bridge bank: share transfers), in subsection (5), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

19In section 31 (bridge bank: reverse share transfer), in subsection (5), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

20In section 41 (procedure), in subsection (1), for paragraph (c) and the “and” following it, substitute—

(c)the PRA,

(ca)the FCA, and.

21In section 42 (supplemental instruments), in subsection (5), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

22In section 43 (onward transfer), in subsection (7), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

23In section 44 (reverse property transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

24In section 45 (temporary public ownership: property transfer), in subsection (8), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

25In section 46 (temporary public ownership: reverse property transfer), in subsection (7), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

26In section 57 (valuation principles), in subsection (4)(a), for “Part 4” substitute “Part 4A”.

27(1)Section 82 (temporary public ownership) is amended as follows.

(2)In subsection (2), for “the FSA are” substitute “the PRA is”.

(3)In subsection (5), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

28After section 83 insert—

Banks not regulated by PRA

83AModifications of Part

(1)In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.

(2)In this section—

  • “FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000;

  • “immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000;

  • “PRA-authorised person” has the meaning given by section 2B(5) of that Act.

TABLE OF MODIFICATIONS
ProvisionModification
Section 7
(a)

Treat the references to the PRA in subsections (1), (4), (4A) and (5) as references to the FCA.

(b)

Ignore subsection (5)(aa).

(c)

If the bank has as a member of its immediate group a PRA-authorised person the FCA must consult the PRA before determining whether or not Condition 2 is met.

Section 8Subsection (3)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 9Subsection (4)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 24Ignore subsection (1)(c).
Section 25Ignore subsection (2)(c).
Section 26Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 26ASubsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 27Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 28Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 29Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 30Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 31Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 41Ignore subsection (1)(c).
Section 42Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 42ASubsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 43Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 44Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 45Subsection (8)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 46Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 81B
(a)

Treat the reference to the PRA in subsection (2) as a reference to the FCA.

(b)

Ignore subsection (6)(b).

Section 82
(a)

Treat the reference to the PRA in subsection (2) as a reference to the FCA.

(b)

Ignore subsection (5)(a).

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

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.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources