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Financial Services Act 2021

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Changes over time for: SCHEDULE 12

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Changes to legislation:

Financial Services Act 2021, SCHEDULE 12 is up to date with all changes known to be in force on or before 11 January 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

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Changes and effects yet to be applied to Schedule 12:

  • specified provision(s) amendment to earlier commencing S.I. 2021/671, reg. 5 by S.I. 2021/1163 reg. 2

Section 33

SCHEDULE 12U.K.Forfeiture of money: electronic money institutions and payment institutions

This Atodlen has no associated Nodiadau Esboniadol

Anti-terrorism, Crime and Security Act 2001 (c. 24)U.K.

1U.K.Schedule 1 to the Anti-terrorism, Crime and Security Act 2001 (forfeiture of terrorist property) is amended as follows.

2U.K.Part 4B (forfeiture of terrorist money held in bank and building society accounts) is amended in accordance with paragraphs 3 to 8.

3U.K.In the Part heading, for “bank and building society” substitute “ certain ”.

4(1)Paragraph 10Q (application for account freezing order) is amended as follows.U.K.

(2)In sub-paragraph (1), for “bank or building society” substitute “ relevant financial institution ”.

(3)After that sub-paragraph insert—

“(1A)In this Part of this Schedule, “relevant financial institution” means—

(a)a bank,

(b)a building society,

(c)an electronic money institution, or

(d)a payment institution.”

(4)In sub-paragraph (7), at the appropriate places insert—

““electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations);””, and

““payment institution” means an authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752));”.

5U.K.In paragraph 10V(1) (restriction on proceedings and remedies), for “bank or building society” substitute “ relevant financial institution ”.

6U.K.In paragraph 10W(6)(b) (account forfeiture notice), for “bank or building society” substitute “ relevant financial institution ”.

7(1)Paragraph 10Y (lapse of account forfeiture notice) is amended as follows.U.K.

(2)In sub-paragraph (6), for “bank or building society” substitute “ relevant financial institution ”.

(3)In sub-paragraph (7)—

(a)for “If the bank or building society” substitute “ If the relevant financial institution ”, and

(b)for “on the bank or building society” substitute “ on the institution ”.

8U.K.In paragraph 10Z2(7)(a) (forfeiture order), for “bank or building society” substitute “ relevant financial institution ”.

9U.K.In Part 6 (interpretation), in paragraph 19(1), at the appropriate places insert—

““electronic money institution” (in Part 4B) has the meaning given by paragraph 10Q(7),”,

““payment institution” (in Part 4B) has the meaning given by paragraph 10Q(7),”, and

““relevant financial institution” (in Part 4B) has the meaning given by paragraph 10Q(1A),”.

Proceeds of Crime Act 2002 (c. 29)U.K.

10U.K.Part 5 of the Proceeds of Crime Act 2002 (civil recovery of the proceeds etc of unlawful conduct) is amended as follows.

Commencement Information

I1Sch. 12 para. 10 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I2Sch. 12 para. 10 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

11U.K.Chapter 3B (forfeiture of money held in bank and building society accounts) is amended in accordance with paragraphs 12 to 20.

Commencement Information

I3Sch. 12 para. 11 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I4Sch. 12 para. 11 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

12U.K.In the Chapter heading, for “bank and building society” substitute “ certain ”.

Commencement Information

I5Sch. 12 para. 12 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I6Sch. 12 para. 12 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

13U.K.In the italic heading before section 303Z1, for “bank and building society” substitute “ certain ”.

Commencement Information

I7Sch. 12 para. 13 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I8Sch. 12 para. 13 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

14(1)Section 303Z1 (application for account freezing order) is amended as follows.U.K.

(2)In subsection (1), for “bank or building society” substitute “ relevant financial institution ”.

F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)In subsection (6), at the appropriate places insert—

““electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations);”, and

““payment institution” means an authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752));”.

Textual Amendments

Commencement Information

I9Sch. 12 para. 14 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I10Sch. 12 para. 14 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

15U.K.In section 303Z2(3) (restrictions on making of application under section 303Z1), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I11Sch. 12 para. 15 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I12Sch. 12 para. 15 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

16U.K.In section 303Z6(1), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I13Sch. 12 para. 16 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I14Sch. 12 para. 16 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

17U.K.In section 303Z8(4), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I15Sch. 12 para. 17 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I16Sch. 12 para. 17 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

18U.K.In section 303Z9(6)(b) (account forfeiture notice: England and Wales and Northern Ireland), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I17Sch. 12 para. 18 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I18Sch. 12 para. 18 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

19(1)Section 303Z11 (lapse of account forfeiture notice) is amended as follows.U.K.

(2)In subsection (6), for “bank or building society” substitute “ relevant financial institution ”.

(3)In subsection (7)—

(a)for “If the bank or building society” substitute “ If the relevant financial institution ”, and

(b)for “on the bank or building society” substitute “ on the institution ”.

Commencement Information

I19Sch. 12 para. 19 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I20Sch. 12 para. 19 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

20U.K.In section 303Z14(7)(a) (forfeiture order), for “bank or building society” substitute “ relevant financial institution ”.

Commencement Information

I21Sch. 12 para. 20 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I22Sch. 12 para. 20 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

21U.K.In section 316(1) (general interpretation of Part 5), at the appropriate places insert—

““electronic money institution” (in Chapter 3B) has the meaning given by section 303Z1(6),”,

““payment institution” (in Chapter 3B) has the meaning given by section 303Z1(6),”, and

““relevant financial institution” (in Chapter 3B) has the meaning given by section 303Z1,”.

Commencement Information

I23Sch. 12 para. 21 in force at Royal Assent for E.W.S., see. s. 49(1)(a)

I24Sch. 12 para. 21 in force at 28.6.2021 for N.I. by S.I. 2021/739, reg. 2

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