Part 1Transfer of balances in dormant accounts

Interpretation etc

7“Bank”

(1)

Subject to subsection (4), “bank” means an authorised deposit-taker that has its head office, or one or more branches, in the United Kingdom.

(2)

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

(a)

a person who under F1Part 4A of FSMA 2000 has permission to accept deposits;

F2(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

A reference in subsection (2) to a person F3... with permission to accept deposits does not include a person F3... 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 FSMA 2000 (exemption orders);

(c)

a credit union;

(d)

a friendly society.

(5)

In this section—

F4“credit union” means a credit union within the meaning of section 31(1) of the Credit Unions Act 1979 or a credit union within the meaning of Article 2(2) of the Credit Unions (Northern Ireland) Order 1985;

“friendly society” has the same meaning as in the Friendly Societies Act 1992 (c. 40) (see section 116 of that Act);

“FSMA 2000” means the Financial Services and Markets Act 2000 (c. 8).