http://www.legislation.gov.uk/ukpga/1987/22/section/3Banking Act 1987 (repealed)An Act to make new provision for regulating the acceptance of deposits in the course of a business, for protecting depositors and for regulating the use of banking names and descriptions; to amend section 187 of the Consumer Credit Act 1974 in relation to arrangements for the electronic transfer of funds; to clarify the powers conferred by section 183 of the Financial Services Act 1986; and for purposes connected with those matters.1987-05-15texttext/xmlenStatute Law Database2024-05-212001-12-01 Part I31Subject to section 4 below, no person shall in the United Kingdom accept a deposit in the course of carrying on (whether there or elsewhere) a business which for the purposes of this Act is a deposit-taking business unless that person is an institution for the time being authorised by the Authority under the following provisions of this Part of this Act.2Any person who contravenes this section shall be guilty of an offence and liable—aon conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both;bon summary conviction, to imprisonment for a term not exceeding six months or to a fine not exceeding the statutory maximum or to both.3The fact that a deposit has been taken in contravention of this section shall not affect any civil liability arising in respect of the deposit or the money deposited.Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(d)Act continued (with modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9(1), Sch. 1 Pt. 1; S.I. 2001/3538 (as amended (1.4.2013) by S.I. 2013/472, arts. 1(1), 3, Sch. 2 para. 56(h)(i)); and specified provisions of Act applied, extended and amended (1.4.2003) so far as still in force by 2001 c. 16, ss. 50, 52-54, 57(1)(j)(4), 68, 138(2), Sch. 1 para. 43, Sch. 2 para. 16(2)(d); S.I. 2003/708, art. 2S. 3 restricted (1.1.1993) by S.I. 1992/3218, reg. 5(1)(a).Word in s. 3(1) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 3; S. I. 1998/1120, art.2