Statutory Instruments
Financial Services And Markets
Made
19th February 2014
Laid before Parliament
24th February 2014
Coming into force
1st April 2014
The Treasury, in exercise of the powers conferred by section 146(1) of the Financial Services (Banking Reform) Act 2013(1), make the following Order:
1. This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Transitional Provision) Order 2014, and comes into force on 1st April 2014.
2.—(1) Paragraph (2) applies in relation to the person who, immediately before 1st April 2014, was appointed to be the chief executive of the scheme manager of the Financial Services Compensation Scheme.
(2) That person is to be treated as if appointed with the approval of the Treasury in accordance with section 212(4) of the Financial Services and Markets Act 2000(2).
Stephen Crabb
Sam Gyimah
Two of the Lords Commissioners of Her Majesty’s Treasury
19th February 2014
(This note is not part of the Order)
This Order is made under section 146 of the Financial Services (Banking Reform) Act 2013 (c. 33). It makes transitional provision in connection with the coming into force of section 16 of that Act, which requires the approval of the Treasury to be given before a chief executive may be appointed to the scheme manager of the Financial Services Compensation Scheme. The existing chief executive is to be treated on 1st April 2014 as if appointed with Treasury approval.
Section 212(4) was amended by the Financial Services (Banking Reform) Act 2013, section 16.