http://www.legislation.gov.uk/ukpga/2012/21/section/60/2014-04-01Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2026-04-20Expert Participation2014-04-01 Financial Services Act 2012ActWater Act 2014s. 79(4)s. 94(3)Financial Services Act 2012ActWater Act 2014s. 81(10)s. 94(3) PART 4 601This section makes provision about the circumstances in which the Treasury's power of direction under section 61 is exercisable, subject to the provisions of that section.2Where a public funds notification has been given, the power of direction is exercisable by reference to the notification unless the notification has been superseded by a notification under section 59(3).3Where qualifying financial assistance has been provided, the power of direction is exercisable by reference to the provision of the assistance unless it appears to the Treasury that the assistance has been recovered.4It is immaterial for the purposes of subsection (3)—awhether the qualifying financial assistance was provided before or after the commencement of this section, andbwhether or not a public funds notification had been given in connection with it.5For the purposes of this Part qualifying financial assistance is provided if, and only if—athe Treasury or the Secretary of State provide financial assistance to or in respect of a financial institution,bthe Treasury incur expenditure in connection with the exercise by the Treasury, the Bank, the PRA, the FCA or the Secretary of State of any of their powers under Parts 1 to 3 of the Banking Act 2009,cthe Treasury arrange a loan from the National Loans Fund in pursuance of a request by the scheme manager of the Financial Services Compensation Scheme under section 223B of FSMA 2000, ordthe Treasury provide financial assistance to the scheme manager of that scheme for the purpose of funding expenses incurred or expected to be incurred under it.6For the purposes of this section the circumstances in which qualifying financial assistance is to be taken to have been recovered include the following—awhere, in the case of a loan, the principal of the loan has been repaid and all interest due under the terms of the loan has been paid,bwhere, in the case of a guarantee or indemnity, the Treasury or the Secretary of State will not become liable under the guarantee or indemnity,cwhere, in a case involving the issue or transfer of shares to the Treasury in connection with the provision of qualifying financial assistance, the shares are no longer held by the Treasury.S. 60 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.