Financial Services (Banking Reform) Act 2013
Financial Services (Banking Reform) Act 2013 (2013 c. 33)
- Financial Services (Banking Reform) Act 2013 (2013 c. 33)
- PART 1 Ring-fencing
- Ring-fencing
- 1 Objectives of Prudential Regulation Authority
- 2 Modification of objectives of Financial Conduct Authority
- 3 Amendment of PRA power of direction
- 4 Ring-fencing of certain activities
- 5 PRA annual report
- 6 Ring-fencing transfer schemes
- 7 Building societies: power to make provision about ring-fencing
- Reviews
- 8 Independent review of operation of legislation relating to ring-fencing
- 9 PRA review of proprietary trading
- 10 Independent review of proprietary trading
- 11 Reviews of proprietary trading: interpretation
- 12 Right to obtain documents and information
- PART 2 Depositor preference and the Financial Services Compensation Scheme
- Depositor preference
- 13 Preferential debts: Great Britain
- Financial Services Compensation Scheme
- 14 Discharge of functions by the scheme manager
- 15 Power to require information from scheme manager
- 16 Scheme manager: appointment of accounting officer
- PART 3 Bail-in stabilisation option
- 17 Bail-in stabilisation option
- PART 4 Conduct of persons working in financial services sector
- Amendments of FSMA 2000
- 18 Functions for which approval is required
- 19 Senior management functions
- 20 Statements of responsibilities
- 21 Vetting by relevant authorised persons of candidates for approval
- 22 Determination of applications for approval
- 23 Power to give approval subject to conditions or for limited period
- 24 Changes in responsibilities of senior managers
- 25 Duty to notify regulator of grounds for withdrawal of approval
- 26 Variation of approval
- 27 Statement of policy
- 28 Extension of limitation periods for imposing sanctions
- 29 Certification of employees by relevant authorised persons
- 30 Rules of conduct
- 31 Requirement to notify regulator of disciplinary action
- 32 Definition of “misconduct”
- 33 Meaning of “relevant authorised person”
- 34 Recording information about senior managers
- 35 Consequential amendments relating to Part 4
- Offence
- 36 Offence relating to a decision causing a financial institution to fail
- 37 Section 36: interpretation
- 38 Institution of proceedings
- PART 5 Regulation of payment systems
- Overview
- 39 Overview
- The Payment Systems Regulator
- 40 The Payment Systems Regulator
- “Payment system” etc
- 41 Meaning of “payment system”
- 42 Participants in payment systems etc
- Designation as a regulated payment system
- 43 Designation orders
- 44 Designation criteria
- 45 Procedure
- 46 Amendment of designation order
- 47 Revocation of designation orders
- 48 Publication
- General duties of Regulator
- 49 Regulator's general duties in relation to payment systems
- 50 The competition objective
- 51 The innovation objective
- 52 The service-user objective
- 53 Regulatory principles
- Regulatory and competition functions
- 54 Directions
- 55 System rules
- 56 Power to require granting of access to payment systems
- 57 Variation of agreements relating to payment systems
- 58 Power to require disposal of interest in payment system
- 59 The Regulator's functions under Part 4 of the Enterprise Act 2002
- 60 Restrictions on exercise of functions under Part 4 of the Enterprise Act 2002
- 61 The Regulator's functions under the Competition Act 1998
- 62 Duty to consider exercise of powers under Competition Act 1998
- 63 Provision of information and assistance to a CMA group
- 64 Function of keeping markets under review
- 65 Exclusion of general duties
- 66 Concurrent competition powers: supplementary provision
- 67 Amendments relating to Regulator's competition powers
- Complaints
- 68 Complaints by representative bodies
- 69 Response by Regulator
- 70 Complaints: guidance
- Enforcement and appeals
- 71 Meaning of “compliance failure”
- 72 Publication of compliance failures etc
- 73 Penalties
- 74 Warning notices
- 75 Injunctions
- 76 Appeals: general
- 77 Appeals to Competition Appeal Tribunal
- 78 Appeals in relation to penalties
- 79 Appeals to Competition and Markets Authority
- 80 Enforcement of requirement to dispose of interest in payment system
- Information and investigation powers
- 81 Power to obtain information or documents
- 82 Reports by skilled persons
- 83 Appointment of persons to conduct investigations
- 84 Investigations: general
- 85 Powers of persons appointed under section 83
- 86 Information and documents: supplemental provisions
- 87 Admissibility of statements made to investigators
- 88 Entry of premises under warrant
- 89 Retention of documents taken under section 88
- 90 Enforcement of information and investigation powers
- Disclosure of information
- 91 Restrictions on disclosure of confidential information
- 92 Exemptions from section 91
- 93 Offences relating to disclosure of confidential information
- 94 Information received from Bank of England
- 95 Disclosure of information by Bank to Regulator
- Guidance
- 96 Guidance
- Reports
- 97 Reports
- Technical Standards
- 97A. Technical standards
- 97B. Standards instruments
- 97C. Treasury approval
- 97D. Application of section 104 of this Act and Part 9A of the Financial Services and Markets Act 2000
- Relationship with other regulators
- 98 Duty of regulators to ensure co-ordinated exercise of functions
- 99 Memorandum of understanding
- 100 Power of Bank to require Regulator to refrain from specified action
- 101 Power of FCA to require Regulator to refrain from specified action
- 102 Power of PRA to require Regulator to refrain from specified action
- Recommendations
- 102A Recommendations by Treasury in connection with general duties
- Consultation, accountability and oversight
- 102B Matters to consider when imposing generally applicable requirements
- 103 Regulator's general duty to consult
- 104 Consultation in relation to generally applicable requirements
- 104A Requirements in connection with public consultations
- 104B Duty of Regulator to review generally applicable requirements
- 104C Statement of policy relating to review of requirements
- 104D Requirement to review specified requirements
- 104E Report on certain reviews
- 104F Power of Treasury to require the imposition of generally applicable requirements
- 104G Consultation with the FCA Cost Benefit Analysis Panel
- 104H Statement of policy in relation to cost benefit analyses
- 104I Statement of policy on panel appointments
- 105 Independent inquiries
- 106 Investigations into regulatory failure
- 107 Competition scrutiny
- 107A International trade obligations
- Miscellaneous and supplemental
- 108 Relationship with Part 8 of the Payment Services Regulations 2017
- 109 Exemption from liability in damages for FCA and PRA
- 110 Interpretation of Part
- PART 6 Special administration for operators of certain infrastructure systems
- Introductory
- 111 Financial market and cash infrastructure administration
- 112 Interpretation: infrastructure companies
- 113 Interpretation: other expressions
- FMI administration orders
- 114 FMI administration orders
- 115 Objective of FMI administration
- 116 Application for FMI administration order
- 117 Powers of court
- 118 FMI administrators
- 119 Continuity of supply
- 120 Power to direct FMI administrator
- 121 Conduct of administration, transfer schemes etc.
- Restrictions on other insolvency procedures
- 122 Restriction on winding-up orders and voluntary winding up
- 123 Restriction on making of ordinary administration orders
- 124 Restriction on enforcement of security
- Powers to participate in Part 26A proceedings
- 124A Powers of Bank to participate in Part 26A proceedings
- Financial support for companies in FMI administration
- 125 Loans
- 126 Indemnities
- Interpretation
- 127 Interpretation of Part
- Application of Part to Northern Ireland
- 128 Northern Ireland
- PART 7 Miscellaneous
- Competition
- 129 Functions of FCA under competition legislation
- 130 Competition as a secondary objective of the PRA
- Consumers
- 131 Duty of FCA to make rules restricting charges for high-cost short-term credit
- 132 Role of FCA Consumer Panel in relation to PRA
- Parent undertakings
- 133 Power of FCA and PRA to make rules applying to parent undertakings
- Meetings with auditors
- 134 Duty to meet auditors of certain institutions
- Fees to meet Treasury expenditure
- 135 Fees to meet Treasury expenditure relating to international organisations
- Parliamentary control of statutory instruments under FSMA 2000
- 136 Amendments of section 429 of FSMA 2000
- Bank of England
- 137 Accounts of Bank of England and its wholly-owned subsidiaries
- Building societies
- 138 Building societies
- Claims management services
- 139 Power to impose penalties on persons providing claims management services
- 140 Recovery of expenditure incurred by Office for Legal Complaints
- Minor amendments
- 141 Minor amendments
- PART 8 Final provisions
- 142 Orders and regulations: general
- 143 Orders and regulations: Parliamentary control
- 144 Interpretation
- 145 Power to make further consequential amendments
- 146 Transitional provisions and savings
- 147 Extent
- 148 Commencement and short title
- SCHEDULES
- SCHEDULE 1 Ring-fencing transfer schemes
- SCHEDULE 2 Bail-in stabilisation option
- PART 1 Amendments of Banking Act 2009
- New stabilisation option: bail-in
- Further provision about the bail-in option
- Transfers of property
- Compensation
- Groups
- Banks regulated by the Financial Conduct Authority
- Recognised central counterparties
- Insolvency proceedings
- State aid
- Other amendments of the Act
- PART 2 Modification of Investment Bank Special Administration Regulations 2011
- SCHEDULE 3 Consequential amendments relating to Part 4
- Financial Services and Markets Act 2000
- Financial Services Act 2012
- SCHEDULE 4 The Payment Systems Regulator
- Introductory
- Constitution
- Status
- Budget
- Arrangements for discharging functions
- Annual plan
- Annual report
- Other reports
- Audit of accounts
- Funding (participants in regulated payment systems)
- Funding (regulated persons)
- Penalty receipts
- Records
- Exemption from liability in damages
- Engagement with Parliamentary Committees
- Freedom of information
- Equality
- SCHEDULE 5 Procedure for appeals to the CMA
- Functions of CMA to be discharged by group
- Application for permission to bring appeal
- Suspension of decision
- Time limit for representations and observations by the Regulator
- Consideration and determination of appeal by group
- Time limits for determining appeal
- Matters to be considered on appeal
- Production of documents etc
- Oral hearings
- Written statements
- Expert advice
- Defaults in relation to evidence
- Determination of appeal by CMA
- Appeal rules
- Costs
- Interpretation
- SCHEDULE 6 Conduct of FMI administration
- SCHEDULE 7 Financial market infrastructure transfer schemes
- Application of Schedule
- Interpretation of Schedule
- FMI administrator to act on behalf of old company
- Making of FMI transfer schemes
- Provision that may be made by a scheme
- Further provision about transfers
- Effect of scheme
- Subsequent modification of scheme
- Provision relating to foreign property
- Application of Schedule to transfers to subsidiaries
- SCHEDULE 8 Functions of FCA under competition legislation
- PART 1 Amendments of Financial Services and Markets Act 2000
- PART 2 Amendments of other legislation
- Company Directors Disqualification Act 1986
- Competition Act 1998
- Enterprise Act 2002
- Enterprise and Regulatory Reform Act 2013
- SCHEDULE 9 Building societies
- Introductory
- Exclusion of small business deposits from funding limit
- Ability to create floating charges
- Annual business statements
- Summary financial statements
- Transfers of business: distributions and share rights
- Methods of communicating with members etc
- Financial year
- SCHEDULE 10 Minor amendments
- Companies Act 1985
- Financial Services and Markets Act 2000
- Income Tax Act 2007
- Banking Act 2009
- Financial Services Act 2012
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