PART 9B

Ring-fencing

Ring-fenced bodies not to carry on excluded activities or contravene prohibitions

Ring-fenced bodies not to carry on excluded activities or contravene prohibitions
142G
1
A ring-fenced body which—
a
carries on an excluded activity or purports to do so, or
b
contravenes any provision of an order under section 142E,
is to be taken to have contravened a requirement imposed on the body by the appropriate regulator under this Act.
2
The contravention does not—
a
make a person guilty of an offence;
b
make a transaction void or unenforceable;
c
(subject to subsection (3)) give rise to any right of action for breach of statutory duty.
3
In such cases as the Treasury may specify by order, the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
4
In this section “
the appropriate regulator
” means—
a
in relation to a ring-fenced body which is a PRA-authorised person, the PRA;
b
in relation to any other ring-fenced body, the FCA.
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)