S. 96(1)(2)(5)(6) in force at 1.1.2015 by S.I. 2014/3323, art. 2

http://www.legislation.gov.uk/ukpga/2012/21/section/96/2017-03-01Financial 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 Database2026-08-12Expert Participation2017-03-01Financial Services Act 2012ActWater Act 2014s. 79(4)s. 94(3)Financial Services Act 2012ActWater Act 2014s. 81(10)s. 94(3)PART 8Amendments of Banking Act 2009Special resolution regime and bank administration
96Objectives and conditions(1)

The Banking Act 2009 is amended as follows.

(2)

In section 3 (interpretation: other expressions), after “this Part—” insert—

“client assets” means assets which an institution has undertaken to hold for a client (whether or not on trust, and whether or not the undertaking has been complied with),

.

(3)

In section 4 (special resolution objectives), after subsection (8) insert—(8A)

Objective 6, which applies in any case in which client assets may be affected, is to protect those assets.

(8B)

Objective 7 is to minimise adverse effects on institutions (such as investment exchanges and clearing houses) that support the operation of financial markets.

(4)

In section 8(2) (Condition A: private sector purchaser and bridge bank)—

(a)

in paragraph (b) for “the banking systems of the United Kingdom, or” substitute “ those systems, ”, and

(b)

after paragraph (c) insert, or (d)

the protection of any client assets that may be affected.

(5)

In section 47 (restriction of partial transfers), for subsection (3) substitute—(3)

Provision under subsection (2) may, in particular, refer to—

(a)

particular classes of deposit;

(b)

particular classes of client assets.

(6)

In the Table in section 261 (index of defined terms), after the entry relating to “central counterparty clearing services”, insert—

Client assets (Part 1)

3

.