PART 9B

Ring-fencing

Introductory

Core services
142C
1
References in this Act to “core services” are to be read in accordance with this section.
2
The following are core services—
a
facilities for the accepting of deposits or other payments into an account which is provided in the course of carrying on the core activity of accepting deposits;
b
facilities for withdrawing money or making payments from such an account;
c
overdraft facilities in connection with such an account.
3
The Treasury may by order provide that any other specified services provided in the course of carrying on the core activity of accepting deposits are also core services.
4
If an order under section 142B(5) provides for an activity other than that of accepting deposits to be a core activity, the Treasury must by order provide that specified services provided in the course of carrying on that activity are core services.
5
The services specified by order under subsection (4) must be services in relation to which the Treasury are of the opinion mentioned in section 142B(6)(a).
Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes, 21.4.2016 for the insertion of s. 142H, 1.1.2019 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(1), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2016/512, art. 2(a); S.I. 2018/1306, art. 2(d)
Pt. 9B power to apply (with modifications) conferred (1.1.2019) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 7(2)(b), 148(5); S.I. 2018/1306, art. 2(f)