Financial Services Act 2012

PART 3 Amendments of Part 3 to the Act

46 Part 3 of the Banking Act 2009 is amended as follows.

47 In section 147 (administrator's proposals), in subsection (6), for “FSA” substitute “PRA and a copy of it to the FCA”.

48 In section 153 (successful rescue), in subsection (3), for “FSA” substitute “PRA and the FCA”.

49 In section 157 (other processes), in subsection (1), for “Before exercising an insolvency power in respect of a residual bank the FSA” substitute “Before the PRA or the FCA exercises an insolvency power in respect of a residual bank, whichever of them is exercising the power”.

50 After section 157 insert—

“157A Banks not regulated by PRA

(1) In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.

(2) In this section “FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000.

TABLE OF MODIFICATIONS

Provision	Modification
Section 147	The bank administrator must send the statement to the FCA (and need not send a copy of it to the PRA).
Section 153	Ignore the reference to the PRA in subsection (3).
Section 157	Ignore the reference to the PRA in subsection (1).”

51 In section 166 (interpretation: general), for subsection (2) substitute—

“(2) In this Part—

• “the FCA” means the Financial Conduct Authority, and

• “the PRA” means the Prudential Regulation Authority.”