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Immigration Act 2014

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This is the original version (as it was originally enacted).

42“Bank” and “building society”
This section has no associated Explanatory Notes

(1)In sections 40 and 41 “bank” means an authorised deposit-taker that has its head office or a branch in the United Kingdom.

This is subject to subsection (4).

(2)In subsection (1) “authorised deposit-taker” means—

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

(b)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act that has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.

(3)A reference in subsection (2) to a person or firm with permission to accept deposits does not include a person or firm with permission to do so only for the purposes of, or in the course of, an activity other than accepting deposits.

(4)“Bank” does not include—

(a)a building society;

(b)a person who is specified, or is within a class of persons specified, by an order under section 38 of the Financial Services and Markets Act 2000 (exemption orders);

(c)a credit union within the meaning given by section 31(1) of the Credit Unions Act 1979 or by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985;

(d)a friendly society within the meaning given by section 116 of the Friendly Societies Act 1992.

(5)In sections 40 and 41, and in subsection (4), “building society” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986.

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