http://www.legislation.gov.uk/ukpga/2009/1/section/206UBanking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19 Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3)Banking Act 2009s. 3(5)The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026reg. 19(4)reg. 1(2) PART 5A206U1This section applies if the Bank of England thinks that a compliance failure by a person recognised for the purposes of this Part as having systemic significance—athreatens the stability of, or confidence in, the UK financial system, orbhas serious consequences for business or other interests throughout the United Kingdom.2The Bank may give the person an order (a “closure order”) to stop performing specified relevant functions in relation to specified wholesale cash distribution activities—afor a specified period,buntil further notice, orcpermanently.3Before giving a closure order to a recognised person, the Bank must have regard to the public interest in the continued performance by the person of relevant functions (whether or not specified) in relation to wholesale cash distribution activities (whether or not specified).4A recognised person who fails to comply with a closure order commits an offence.5A person who commits an offence under this section is liable—aon summary conviction in England and Wales, to a fine;bon summary conviction in Scotland, to a fine not exceeding the statutory maximum;con summary conviction in Northern Ireland, to a fine not exceeding the statutory maximum;don conviction on indictment, to a fine.6In this section, “specified” means specified in the closure order.Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1