http://www.legislation.gov.uk/ukpga/2009/1/section/206YBanking 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 5A206Y1If, on the application of the Bank of England, the court is satisfied—athat there is a reasonable likelihood that there will be a compliance failure, orbthat there has been a compliance failure and there is a reasonable likelihood that it will continue or be repeated,the court may make an order restraining the conduct constituting the failure.2If, on the application of the Bank of England, the court is satisfied—athat there has been a compliance failure by a recognised person, andbthat there are steps which could be taken for remedying the failure,the court may make an order requiring the recognised person, and any other person who appears to have been knowingly concerned in the failure, to take such steps as the court may direct to remedy it.3If, on the application of the Bank of England, the court is satisfied—athat there may have been a compliance failure by a recognised person, orbthat any other person may have been knowingly concerned in a compliance failure,the court may make an order restraining the person from dealing with any assets which it is satisfied the person is reasonably likely to deal with.4The jurisdiction conferred by this section is exercisable—ain England and Wales and Northern Ireland, by the High Court;bin Scotland, by the Court of Session.5In this section—areferences to an order restraining anything are, in Scotland, to be read as references to an interdict prohibiting that thing;breferences to an order requiring steps to be taken are, in Scotland, to be read as references to an order for specific performance under section 45 of the Court of Session Act 1988;creferences to remedying a failure include mitigating its effect;dreferences to dealing with assets include disposing of them.Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1