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The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Type Statutory-Instrument
Publication 2001-11-09
Last updated 2018-01-01
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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articles 3
Reform history JSON API
  • (1) Regulation 2 of the Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995 (rate of interest) is amended as follows.
  • (2) In paragraph (5)(a) for the words from “seven” to “United Kingdom,” substitute—

seven largest persons who— (a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; and (b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits,

  • (3) In paragraphs (5)(b) and (6) for the words “an institution” (in both places) substitute “a person”; for the words “that institution” substitute “that person” and for “its” (wherever it appears) substitute “his”.
  • (4) After paragraph (5) insert—

(5A) Paragraph (5) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Teachers' Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995 (S.I. 1995/2814)

Meaning of “insurer”

247

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Fossil Fuel Levy (Scotland) Regulations 1996 (S.I. 1996/293)

Investment of sums collected

248
  • (1) Regulation 25 of the Fossil Fuel Levy (Scotland) Regulations 1996 (investment of sums collected) is amended as follows.
  • (2) In paragraph (3) for the words from “an institution” to “Regulations 1992”[^f00171] substitute—

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits and an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule

  • (3) After paragraph (3) insert—

(4) Paragraph (3) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Independent Qualified Conveyancers (Scotland) Regulations 1997 (S.I. 1997/316) ( S.20))

Meaning of “banks” and “recognised financial institution”

249
  • (1) Regulation 2 of the Independent Qualified Conveyancers (Scotland) Regulations 1997 (interpretation) is amended as follows.
  • (2) In paragraph (1)—
  • (a) for the definition of “Bank” substitute—
  • “Bank” means— a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule;

; and

  • (b) for the definition of “recognised financial institution” substitute—
  • “recognised financial institution” means— any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits; any subsidiary (as defined by section 736(1) of the Companies Act 1985) of a body falling within paragraph (a) or (b) above whose business or any part of whose business consists of the provision of executry services.
  • (3) After paragraph (1) insert—

(1A) The definitions of “bank” and “recognised financial institution” in paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Executry Practitioners (Scotland) Regulations 1997 (S.I. 1997/317) (S.21))

Meaning of “bank” and “recognised financial institution”

250
  • (1) Regulation 2 of the Executry Practitioners (Scotland) Regulations 1997 (interpretation) is amended as follows.
  • (2) In paragraph (1) for the definition of “bank” substitute—
  • “Bank” means— a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule;
  • (3) In paragraph (1) for the definition of “recognised financial institution” substitute—
  • “recognised financial institution” means— any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits; any subsidiary (as defined by section 736(1) of the Companies Act 1985) of a body falling within paragraph (a) or (b) above whose business or any part of whose business consists of the provision of executry services.
  • (4) After paragraph (1) insert—

(1A) The definitions of “bank” and “recognised financial institution” in paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Local Government Pension Scheme (Scotland) Regulations 1998 (S.I. 1998/366)

Meaning of “authorised insurer” and “relevant institution”

251
  • (1) Regulation 4(16)[^f00172] of the Local Government Pension Scheme (Scotland) Regulations 1998 (agreements to enable employees of non-Scheme employers to be members (“admission agreements”) is amended as follows.
  • (2) For sub-paragraph (a) substitute—

(a) “authorised insurer” means— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of general insurance; or (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of general insurance, and the expressions used in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.

  • (3) For sub-paragraph (e) substitute—

(e) “relevant institution” means— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 accept deposits; (ii) a person who is exempt from the general prohibition in respect of accepting deposits as a result of an exemption order made under section 38(1) of that Act; (iii) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule, and the expressions used in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.

Actionable loss arising from pensions mis-selling

252

In regulation 6(9) of the Local Government Pension Scheme (Scotland) Regulations 1998 (joining the Scheme), after the words “section 62 of the Financial Services Act 1986” add “or section 150 of the Financial Services and Markets Act 2000”.

Appropriate annuity contracts etc.

253
  • (1) Regulation 145[^f00173] of the Local Government Pension Scheme (Scotland) Regulations 1998 (qualifying arrangements) is amended as follows.
  • (2) In paragraph (2), for sub-paragraph (a) substitute—

(a) effects or carries out contracts of long-term insurance in the United Kingdom or any other member State; and

  • (3) For paragraph (3) substitute—

(3) Paragraph (2)(a) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order made under that section; and (c) Schedule 2 to that Act.

Definition of terms

254
  • (1) Schedule 1 to the Local Government Pension Scheme (Scotland) Regulations 1998 (interpretation) is amended as follows.
  • (2) In the definition of “AVC insurance company”—
  • (a) for paragraphs (a) and (b) substitute—

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance; or

  • (b) for the words after the end of paragraph (c) substitute—

and paragraphs (a) and (b) of this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.

  • (3) In the definition of “the Reference banks”—
  • (a) for the words from “seven largest institutions” to the end of the definition substitute—

seven largest persons for the time being who— 1. have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; 2. are incorporated in and carrying on in the United Kingdom a regulated activity of accepting deposits; and 3. quote a base rate in sterling, and in this definition— - the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in section 736 of the Companies Act 1985), as shown in the audited end-of-year accounts last published before that time; and - the reference to accepting deposits must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act;

  • (4) In the definition of “open ended investment company”[^f00174] for the words “section 75(8) of the Financial Services Act 1986” substitute “section 236 of the Financial Services and Markets Act 2000”.

The National Health Service Superannuation Scheme (Scotland) (Additional Voluntary Contributions) Regulations 1998 (S.I. 1998/1451) (S.75))

Meaning of “insurance company”

255
  • (1) Regulation 2 of the National Health Service Superannuation Scheme (Scotland) (Additional Voluntary Contributions) Regulations 1998 (interpretation) is amended as follows.
  • (2) In paragraph (1) for the definition of “insurance company” substitute—
  • “insurance company” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to effect or carry out contracts of long-term insurance as a result of satisfying the establishment conditions within the meaning of that Schedule;
  • (3) After paragraph (1) insert—

(1A) The definition of “insurance company” in paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (S.I. 1998/2888) (S.168))

Definitions of terms

256
  • (1) In regulation 2 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (general definitions)[^f00175]—
  • (a) the existing provision becomes paragraph (1);
  • (b) the definitions of “European authorised institution” and “European institution” are revoked;
  • (c) the definition of “home-regulated investment business” is revoked;
  • (d) for the definition of “relevant institution” substitute—
  • “relevant institution” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits; or a person who is an exempt person in respect of accepting deposits as a result of an order made under section 38(1) of that Act;
  • (e) after paragraph (1) insert—

(2) The definition of “relevant institution” in paragraph (1), together with regulations 3(5) to (6A) and 4(2) and paragraph 4 of Part I of Schedule 1, must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Meaning of “investment”

257
  • (1) In regulation 3 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (definition of “investment”), for paragraphs (5) and (6) substitute—

(5) A contract of insurance is an investment if and only if it is a contract of a relevant class, and is entered into with a person within paragraph (6) for whom entering into the contract constitutes the carrying on of a regulated activity (within the meaning of the Financial Services and Markets Act 2000). (6) The persons within this paragraph are— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class; (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or (c) a person who does not fall within sub-paragraph (a) or (b) and who, because he has his head office in an EEA State (within the meaning of that Act) other than the United Kingdom, is permitted by the law of that State to effect or carry out contracts of insurance of a relevant class. (6A) A contract of insurance is of a relevant class for the purposes of paragraphs (5) and (6) if it is— (a) a contract of insurance on human life or a contract to pay an annuity on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified); or (b) a contract to manage the investments of pension funds, whether or not combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.

  • (2) For paragraphs (7) and (8) substitute—

(7) A stock lending arrangement is an investment if, and only if, in respect of it, the conditions in rules 5.14.4R and 5.14.6R in the Collective Investment Scheme Sourcebook are complied with. (8) For the purposes of paragraph (7)— (a) the references in rules 5.14.4R and 5.14.6R to the trustee must be read as if they were references to the administering authority; and (b) the “Collective Investment Scheme Sourcebook” means the Collective Investment Scheme Sourcebook made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000.

Meaning of “investment manager”

258
  • (1) Regulation 4 of the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (definition of “investment manager”), for paragraphs (2) to (4) substitute—

(2) A person is an investment manager if— (a) he has permission under Part 4 of the Financial Services and Markets Act 2000 to manage the assets of occupational pension schemes; (b) he is an EEA firm of the kind mentioned in paragraph 5(a) or (b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to manage the assets of occupational pension schemes; or (c) he is a person— (i) who does not carry on regulated activities (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom; (ii) whose head office is situated in an EEA State (within the meaning of that Act) other than the United Kingdom; (iii) who is recognised by the law of that EEA State as a national of that or another EEA State; (iv) who is authorised under that law to carry on one or more regulated activities (within the meaning of that Act); and (v) who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.

Limits on investments and other definitions

259
  • (1) Schedule 1 to the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (limits on investments) is amended as follows.
  • (2) For paragraph 4 of Part I of that Schedule (limits on investments) substitute—

(4) All deposits with— (a) any local authority, or (b) any body with power to issue a precept or requisition to a local authority, or to the expenses of which a local authority can be required to contribute, which is an exempt person (within the meaning of the Financial Services and Markets Act 2000) in respect of accepting deposits as a result of an order made under section 38(1) of that Act, and all loans (but see paragraph 12).

  • (3) In paragraph 15—
  • (a) in the definition of “collective investment scheme” for the words “section 75 of the Financial Services Act 1986” substitute “section 235 of the Financial Services and Markets Act 2000”; and
  • (b) in the definition of “open-ended investment company” for the words “Open-ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996” substitute “Open-Ended Investment Companies Regulations 2001”.

The Registered Housing Associations (Accounting Requirements) (Scotland) Order 1999 (S.I. 1999/1073)

Listed investments shown on balance sheet

260

In paragraph 28 of the Schedule to the Registered Housing Associations (Accounting Requirements) (Scotland) Order 1999, for the words from “granted a listing” to the end, substitute—

granted a listing on— (a) a recognised investment exchange other than an overseas investment exchange within the meaning of the Financial Services and Markets Act 2000; or (b) any stock exchange of repute outside Great Britain.

The Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999 (S.I. 1999/1082)

Additional voluntary contributions

261
  • (1) Schedule 6 to the Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999 (additional voluntary contributions) is amended as follows.
  • (2) After sub-paragraph (2) of paragraph 1 (interpretation) insert—

(3) In this Schedule, paragraphs 5(2) and 8(2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

  • (3) For sub-paragraphs (a) and (b) of paragraph 5(2) (investment of contributions) substitute—

(a) in an insurance policy or policies taken out with an office or branch in the United Kingdom of— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or (ii) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance; (b) in a deposit account or accounts with a building society (within the meaning of the Building Societies Act 1986) which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.

  • (4) In paragraph 8(2) (purchase of pensions), for the words from “being either” to the end of sub-paragraph (b) substitute—

being a United Kingdom branch or office of— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to effect or carry out contracts of long-term insurance as a result of satisfying the establishment conditions within the meaning of that Schedule;

The Scotland Act 1998 (Functions Exercisable in or as Regards Scotland) Order 1999 (S.I. 1999/1748)

Revocation of redundant provision

262

In Schedule 1 to the Scotland Act 1998 (Functions Exercisable in or as Regards Scotland) Order 1999—

  • (a) paragraphs 8 and 23 (which relate to the tribunal established under section 47 of the Building Societies Act 1986[^f00176]), and
  • (b) paragraph 9 (which relates to the Financial Services Tribunal),

are revoked.

The European Communities (Lawyer’s Practice) (Scotland) Regulations 2000 (S.I. 2000/121)

Application of Part 20 of the Financial Services and Markets Act 2000 to European lawyers

263
  • (1) Schedule 2 to the European Communities (Lawyer’s Practice) (Scotland) Regulations (application, extension and modification of enactments to registered European lawyers) is amended as follows.
  • (2) For paragraph 3 of Part II substitute—

(3) For the purposes of Part 20 of the Financial Services and Markets Act 2000 (provision of financial services by members of the professions), a registered European lawyer and any partner shall be treated as— (a) a member of the profession in relation to which the Law Society of Scotland[^f00177] is established; and (b) as subject to the rules of the Law Society of Scotland.

  • (3) Paragraph 5 of Part II is revoked.

PART 8 — MISCELLANEOUS AMENDMENTS TO PRIMARY LEGISLATION

Lloyd’s Act 1871 (c. 21)

Functions to be exercised by the Authority

264
  • (1) The Lloyd’s Act 1871 is amended as follows.
  • (2) In section 35 (salvage operations as to wreck of Lutine) for “the Treasury”[^f00178] substitute “the Financial Services Authority”.
  • (3) In section 39 (agreements for incorporation of other Societies, &c) for “the Treasury”[^f00179] substitute “the Financial Services Authority”.

Bankers' Books Evidence Act 1879 (c. 11)

Meaning of “bank” etc.

265
  • (1) Section 9 of the Bankers' Books Evidence Act 1879 (meaning of “bank” etc.) is amended as follows.
  • (2) In subsection (1)[^f00180], for paragraphs (a) and (aa) substitute—

(a) a deposit-taker;

  • (3) After that subsection, insert—

(1A) “Deposit taker” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or (b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits or other repayable funds from the public. (1B) But a person is not a deposit-taker if he has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission. (1C) Subsections (1A) and (1B) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

266

In section 10 of the Bankers' Books Evidence Act 1879 (interpretation), in the definition of “legal proceedings”, for paragraph (c)[^f00181] substitute—

(c) an investigation, consideration or determination of a complaint by a member of the panel of ombudsmen for the purposes of the ombudsman scheme within the meaning of the Financial Services and Markets Act 2000.

Agricultural Credits Act 1928 (c. 43)

Agricultural charges on farming stock and assets

267
  • (1) In subsection (7)[^f00182] of section 5 of the Agricultural Credits Act 1928 (agricultural charges on farming stock and assets: defined terms), for the definition of “Bank” substitute—
  • “Bank” means— the Bank of England; a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits or other repayable funds from the public;
  • (2) After that subsection, insert—

(7A) Paragraphs (b) and (c) of the definition of “Bank” in subsection (7) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Trustee Investments Act 1961 (c. 62)

Power of Treasury to give directions in relation to local authority investment schemes

268

In section 11(3)[^f00183] of the Trustee Investments Act 1961 (power of Treasury to give directions in relation to approved schemes for investment by local authorities), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

Manner of investment

269
  • (1) Schedule 1[^f00184] to the Trustee Investments Act 1961 (manner of investment) is amended as follows.
  • (2) In Part 2, for paragraph 10A[^f00185] substitute—

(10A) In any units of a gilt unit trust scheme. A gilt unit trust scheme is an authorised unit trust scheme, or a recognised scheme, the objective of which is— (a) to invest at least 90% of the property of the scheme in loan stock, bonds or other instruments creating indebtedness which— (i) are transferable; and (ii) are issued or guaranteed by the government of the United Kingdom or of any other country or territory, by a local authority in the United Kingdom or in a relevant state, or by an international organisation the members of which include the United Kingdom or a relevant state; (b) to invest the remainder of the property of the scheme in shares, debentures or other instruments creating or acknowledging indebtedness, certificates representing securities or units in a collective investment scheme. Sub-paragraphs (a) and (b) must be read with— (i) section 22 of the Financial Services and Markets Act 2000; (ii) any relevant order under that section; and (iii) Schedule 2 to that Act.

  • (3) In Part 3, in paragraph 3[^f00186], the words “within the meaning of the Financial Services Act 1986” are repealed.
  • (4) In that Part, for paragraph 6[^f00187] substitute—

(6) In any units of a recognised scheme which does not fall within Part 2 of this Schedule.

  • (5) In Part 4[^f00188], in paragraphs 2 and 2A, the words “within the meaning of the Financial Services Act 1986” are repealed.
  • (6) In that Part, after paragraph 4 insert—

(4A) In this Schedule— - “authorised unit trust scheme” and “recognised scheme” have the meaning given by section 237(3) of the Financial Services and Markets Act 2000; - “collective investment scheme” has the meaning given by section 235 of that Act; and - “recognised investment exchange” has the meaning given by section 285 of that Act.

  • (7) Paragraph 6A[^f00189] is repealed.

Stock Transfer Act 1963 (c. 18)

Registered securities to which section 1 of the Act applies

270

In section 1(4) of the Stock Transfer Act 1963 (registered securities which may be transferred by simplified form) in paragraph (e)[^f00190], for “the Financial Services Act 1986” substitute “Part 17 of the Financial Services and Markets Act 2000”.

Meaning of “securities”: units of a collective investment scheme

271

In section 4(1)[^f00191] of the Stock Transfer Act 1963 (interpretation), in the definition of “securities”, for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

Stock Transfer Act (Northern Ireland) 1963 (c. 24)

Registered securities to which section 1 of the Act applies

272

In section 1(4) of the Stock Transfer Act (Northern Ireland) 1963 (registered securities which may be transferred by simplified form) in paragraph (e)[^f00192], for “the Financial Services Act 1986” substitute “Part 17 of the Financial Services and Markets Act 2000”.

Meaning of “securities”: units of a collective investment scheme

273

In section 4(1)[^f00193] of the Stock Transfer Act (Northern Ireland) 1963 (interpretation), in the definition of “securities”, for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

Parliamentary Commissioner Act 1967 (c. 13)

Bodies no longer subject to investigation

274

In Schedule 2[^f00194] to the Parliamentary Commissioner Act 1967, the entries in relation to the following are repealed—

  • the Building Societies Commission;
  • the Friendly Societies Commission; and
  • the Registry of Friendly Societies (and Note 2, which relates to that entry is also repealed).

Functions of administrative staff of certain tribunals subject to investigation by Commissioner

275

In Schedule 4[^f00195] to the Parliamentary Commissioner Act 1967 (relevant tribunals for the purposes of section 5(7)), before the entry relating to the Financial Services Tribunal[^f00196] insert—

  • Financial Services and Markets Tribunal constituted under section 132 of the Financial Services and Markets Act 2000.

Local Authorities' Mutual Investment Trust Act 1968 (c. 25)

Meaning of “securities”

276

In section 1(2)[^f00197] of the Local Authorities' Mutual Investment Trust Act 1968 (extension of Company’s power to invest: meaning of securities), the words “within the meaning of the Financial Services Act 1986” are repealed.

Interpretation

277
  • (1) Section 2 of the Local Authorities' Mutual Investment Trust Act 1968 (interpretation) is amended as follows.
  • (2) After the definition of “participation certificate” insert—
  • “recognised investment exchange” has the meaning given by section 285(1) of the Financial Services and Markets Act 2000;
  • (3) For the definition of “unit trust scheme”[^f00198] substitute—
  • “unit trust scheme” has the meaning given by section 237(1) of the Financial Services and Markets Act 2000;

Theft Act 1968 (c. 60)

Obtaining a money transfer by deception: interpretation

278
  • (1) Section 15B[^f00199] of the Theft Act 1968 (obtaining a money transfer by deception: interpretation) is amended as follows.
  • (2) In subsection (4), the words after paragraph (b) are repealed.
  • (3) After that subsection insert—

(4A) References in subsection (4) to a deposit must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act, but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.

Theft Act (Northern Ireland) 1969 (c. 16)

Obtaining a money transfer by deception: interpretation

279
  • (1) Section 15B[^f00200] of the Theft Act (Northern Ireland) 1969 (obtaining a money transfer by deception: interpretation) is amended as follows.
  • (2) In subsection (4), the words after paragraph (b) are repealed.
  • (3) After that subsection insert—

(4A) References in subsection (4) to a deposit must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act, but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.

Employers' Liability (Compulsory Insurance) Act 1969 (c. 57)

Insurance against liability for employees: meaning of authorised insurer

280
  • (1) Section 1 of the Employers' Liability (Compulsory Insurance) Act 1969 (insurance against liability for employees) is amended as follows.
  • (2) In subsection (3), for paragraph (b)[^f00201] substitute—

(b) “authorised insurer” means— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance of a kind required by this Act and regulations made under this Act, or (ii) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000, which has permission under paragraph 15 of that Schedule to effect and carry out contracts of insurance of a kind required by this Act and regulations made under this Act;

  • (3) After that subsection insert—

(3A) Subsection (3)(b) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Local Government Act 1972 (c. 70)

Restrictions on voting: interpretation

281

For subsection (1) of section 98[^f00202] of the Local Government Act 1972 (restrictions on voting: interpretation) substitute—

(1) In sections 95 and 97 “securities” means— (a) shares; (b) instruments creating or acknowledging indebtedness; (c) instruments giving entitlements to investments; (d) certificates representing securities; (e) units in a collective investment scheme; (f) rights to, or interests in, any security of the kind mentioned in paragraphs (a) to (e); (g) rights (whether actual or contingent) to money lent to, or deposited with— (i) a society registered under the Industrial and Provident Societies Act 1965, or (ii) a building society within the meaning of the Building Societies Act 1986, and the definition of securities must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.

Insurance by local authorities against accidents to members

282
  • (1) Section 140 of the Local Government Act 1972 (insurance by local authorities against accidents to members) is amended as follows.
  • (2) In subsection (1)[^f00203] for the words from “insurance” to “1982” substitute “accident insurance”.
  • (3) After subsection (3), insert—

(3A) References to accident insurance must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Insurance against accidents to voluntary assistants

283
  • (1) Section 140C[^f00204] of the Local Government Act 1972 (insurance against accidents to voluntary assistants: supplementary) is amended as follows.
  • (2) In subsection (1) for paragraphs (a) and (b) substitute—

(a) contracts of permanent health insurance; and (b) contracts of accident insurance.

  • (3) After that subsection, insert—

(1A) Subsection (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Fair Trading Act 1973 (c. 41)

Exclusions from Part 11 of the Fair Trading Act 1973

284
  • (1) Section 118[^f00205] of the Fair Trading Act 1973 (trading schemes to which Part XI applies) is amended as follows.
  • (2) In subsection (6), for paragraph (a) substitute—

(a) under which the promoter or any of the promoters or participants is to carry on, or to purport to carry on, a relevant regulated activity;

  • (3) After subsection (6) insert—

(6A) For the purposes of subsection (6)(a), “relevant regulated activity” means— (a) dealing in investments as principal or agent; (b) arranging deals in investments; (c) managing investments; (d) safeguarding and administering investments; (e) sending dematerialised instructions; (f) establishing etc. a collective investment scheme; (g) advising on investments, and paragraphs (a) to (g) must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.

Restrictions on disclosure of information

285

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Solicitors Act 1974 (c. 47)

Meaning of “authorised insurer”

286
  • (1) Section 87 of the Solicitors Act 1974 (interpretation) is amended as follows.
  • (2) In subsection (1), the definition of “authorised insurer”[^f00207] is repealed.
  • (3) In subsection (1) for the definition of “bank”[^f00208] substitute—
  • “bank” means the Bank of England, a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;
  • (4) After that subsection, insert—

(1A) In this Act “authorised insurer” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class; (b) a person who carries on an insurance market activity, within the meaning of section 316(3) of that Act; (c) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or (d) a person who does not fall within paragraph (a), (b) or (c) and who may lawfully effect or carry out contracts of insurance of a relevant class in a member state other than the United Kingdom. (1B) A contract of insurance is of a relevant class for the purposes of subsection (1A) if it insures against risks arising from— (a) accident; (b) credit; (c) legal expenses; (d) general liability to third parties; (e) sickness; (f) suretyship; (g) miscellaneous financial loss. (1C) The definition of “bank” in subsection (1) and subsections (1A) and (1B) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

House of Commons Disqualification Act 1975 (c. 24)

Repeal of spent disqualifications

287
  • (1) Schedule 1[^f00209] to the House of Commons Disqualification Act 1975 (disqualifying offices) is amended as follows.
  • (2) In Part 2, the following entries are repealed—
  • “The Building Societies Commission.”; and
  • “The Friendly Societies Commission.”.
  • (3) In Part 3, the following entries are repealed—
  • “Chairman of a designated agency within the meaning of the Financial Services Act 1986 if he is in receipt of remuneration.”;
  • “Chairman of a transferee body within the meaning of Schedule 11 to the Financial Services Act 1986 if he is in receipt of remuneration.”;
  • “Registrar or Assistant Registrar of Friendly Societies.”.

Northern Ireland Assembly Disqualification Act 1975 (c. 25)

Repeal of spent disqualifications

288
  • (1) Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (disqualifying offices) is amended as follows.
  • (2) In Part 2, the following entries are repealed—
  • “The Building Societies Commission.”; and
  • “The Friendly Societies Commission.”.
  • (3) In Part 3, the following entries are repealed—
  • “Chairman of a designated agency within the meaning of the Financial Services Act 1986 if he is in receipt of remuneration.”;
  • “Chairman of a transferee body within the meaning of Schedule 11 to the Financial Services Act 1986 if he is in receipt of remuneration.”;
  • “Industrial Assurance Commissioner or Deputy Industrial Assurance Commissioner appointed under the Industrial Assurance Act (Northern Ireland) 1924.”; and
  • “Registrar or Assistant Registrar of Friendly Societies.”.

The Stock Exchange (Completion of Bargains) Act 1976 (c. 47)

Acquisition and disposal of securities by trustees etc

289
  • (1) Section 5 of the Stock Exchange (Completion of Bargains) Act 1976 (acquisition and disposal of securities by trustees etc.) is amended as follows.
  • (2) In paragraph (a) of subsection (1)[^f00210], for the words from “a recognised” to “exchange” substitute “a financial institution”.
  • (3) In paragraph (b) of that subsection, for “clearing house or nominee” substitute “financial institution”.
  • (4) In that subsection, the words after paragraph (b) are repealed.
  • (5) For subsection (2)[^f00211] substitute—

(2) “Financial institution” means— (a) a recognised clearing house acting in relation to a recognised investment exchange; or (b) a nominee of— (i) a recognised clearing house acting in that way; or (ii) a recognised investment exchange. (3) No person may be a nominee for the purposes of this section unless he is a person designated for those purposes in the rules of the recognised investment exchange in question. (4) Expressions used in subsections (2) and (3) have the same meaning as in the Part 18 of the Financial Services and Markets Act 2000.

Supreme Court Act 1981 (c. 54)

Attachment of debts

290
  • (1) Section 40 of the Supreme Court Act 1981 (attachment of debts) is amended as follows.
  • (2) In subsection (1), for the words from “the following” to the end substitute “any deposit account, and any withdrawable share account, with a deposit-taker”.
  • (3) In subsection (4)(b) for “deposit-taking institution”, in both places, substitute “deposit-taker”.
  • (4) For subsection (6)[^f00212] substitute—

(6) “Deposit-taker” means a person who may, in the course of his business, lawfully accept deposits in the United Kingdom.

  • (5) After subsection (6) insert—

(7) Subsection (6) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Administrative expenses of garnishees and others

291
  • (1) Section 40A[^f00213] of the Supreme Court Act 1981 (administrative expenses of garnishees and others) is amended as follows.
  • (2) In subsection (1)—
  • (a) for “any deposit-taking institution, the institution” substitute “a deposit-taker, it”;
  • (b) for “the administrative and clerical expenses of the institution” substitute “its administrative and clerical expenses”; and
  • (c) the words “of an institution” are repealed.
  • (3) In subsection (1A)—
  • (a) for “any such institution as is mentioned in that subsection” substitute “a deposit-taker”; and
  • (b) for “the institution” substitute “it”.
  • (4) In subsection (3), for the definition of “deposit-taking institution” substitute—
  • “deposit-taker” has the meaning given by section 40(6);
  • (5) In subsection (4)(c)[^f00214], for “deposit-taking institutions” substitute “deposit-takers”.

Betting and Gaming Duties Act 1981 (c. 63)

Saving of section 63 of the Financial Services Act 1986

292

Notwithstanding the repeal of the Financial Services Act 1986[^f00215]—

  • (a) section 63 of that Act (gaming contracts),
  • (b) paragraphs 9 and 12 of Schedule 1 to that Act, and
  • (c) Parts III and IV of that Schedule 1

have effect for the purposes of section 3(2) of the Betting and Gaming Duties Act 1981 (bookmakers: spread bets)[^f00216].

Duchy of Cornwall Management Act 1982 (c. 47)

Bank accounts in the name of the Duchy

293
  • (1) Section 6 of the Duchy of Cornwall Management Act 1982 (banking) is amended as follows.
  • (2) In subsection (2), for “recognised bank or banks” substitute “deposit taker”.
  • (3) In subsection (3), in paragraphs (b) and (c)[^f00217] for “an authorised institution” substitute “a deposit taker”.
  • (4) For subsection (4) substitute—

(4) In this section “deposit taker” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or (b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.

  • (5) After subsection (4) insert—

(5) Subsection (4) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that Schedule; and (c) Schedule 2 to that Act.

County Courts Act 1984 (c. 28)

Attachment of debts

294
  • (1) Section 108 of the County Courts Act 1984 (attachment of debts) is amended as follows.
  • (2) In subsection (1), for the words from “the following” to the end substitute “any deposit account, and any withdrawable share account, with a deposit-taker”.
  • (3) In subsection (4)(b) for “deposit-taking institution”, in both places, substitute “deposit-taker”.

Administrative expenses of garnishees and others

295
  • (1) Section 109 of the County Courts Act 1984 (administrative expenses of garnishees and others) is amended as follows.
  • (2) In subsection (1)[^f00218]—
  • (a) for “any deposit-taking institution, the institution” substitute “a deposit-taker, it”;
  • (b) for “the administrative and clerical expenses of the institution” substitute “its administrative and clerical expenses”; and
  • (c) the words “of an institution” are repealed.
  • (3) In subsection (1A)[^f00219]—
  • (a) for “any such institution as is mentioned in that subsection” substitute “a deposit-taker”; and
  • (b) for “the institution” substitute “it”.
  • (4) In subsection (4)(c)[^f00220], for “deposit-taking institution” substitute “deposit-taker”.

Meaning of “deposit-taking institution”

296
  • (1) Section 147 of the County Courts Act 1984 (Interpretation) is amended as follows.
  • (2) In subsection (1), for the definition of “deposit-taking institution”[^f00221] substitute—
  • “deposit-taking institution” means a person who may, in the course of his business, lawfully accept deposits in the United Kingdom;
  • (3) After subsection (1) insert—

(1A) The definition of “deposit-taking institution” in subsection (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Trustee Savings Banks Act 1985 (c. 58)

Transferees to be treated as included within certain categories of institution

297
  • (1) Paragraph 11 of Schedule 1 to the Trustee Savings Banks Act 1985 (status of transferees as authorised institutions for certain purposes) is amended as follows.
  • (2) In sub-paragraph (4)(b)[^f00222], for “an institution authorised under the Banking Act 1987” substitute “a deposit-taker”.
  • (3) After that sub-paragraph, insert—

(4A) “Deposit taker” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or (b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits or other repayable funds from the public. (4B) But a person is not a deposit-taker if he has permission to accept deposits only for purpose of carrying on another regulated activity in accordance with that permission. (4C) Sub-paragraphs (4A) and (4B) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Administration of Justice Act 1985 (c. 61)

Meaning of “authorised insurer”

298

For section 21(5)[^f00223] of the Administration of Justice Act 1985 (professional indemnity and compensation: meaning of “authorised insurer”) substitute—

(5) “Authorised insurer” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class; (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or (c) a person who does not fall within sub-paragraph (i) or (ii) and who may lawfully effect or carry out contracts of insurance of a relevant class in a member State other than the United Kingdom. (6) A contract of insurance is of a relevant class for the purposes of subsection (5) if it insures against a risk arising from— (a) accident; (b) credit; (c) legal expenses; (d) general liability to third parties; (e) sickness; (f) suretyship; or (g) miscellaneous financial loss. (7) Subsections (5) and (6) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Housing Act 1985 (c. 68)

Lending institutions and savings institutions

299
  • (1) The Housing Act 1985 is amended as follows.
  • (2) In section 36(4) (liability to repay is a charge on the premises), for the words from “a building society” to “a friendly society” substitute—
  • an authorised deposit taker
  • an authorised insurer
  • (3) In section 151B(5) (mortgage for securing redemption of landlord’s share)[^f00224], for the words from “a building society” to “a friendly society” substitute—
  • an authorised deposit taker
  • an authorised insurer
  • (4) In section 156(4) (liability to repay is a charge on the premises)[^f00225], for the words from “a building society” to “a friendly society” substitute—
  • an authorised deposit taker
  • an authorised insurer
  • (5) In section 447(1) (recognised lending institutions)—
  • (a) the entries relating to “ building societies”[^f00226], “trustees savings banks”, “banks”, “insurance companies” and “friendly societies” in the list of lending institutions recognised for the purposes of section 445 are repealed; and
  • (b) at the beginning of that list insert—
  • an authorised deposit taker
  • an authorised insurer
  • (6) In section 448(1) (recognised savings institutions)—
  • (a) the entries relating to “building societies”[^f00227], “trustees savings banks” and “banks” in the list of savings institutions recognised for the purposes of section 446 are repealed; and
  • (b) at the beginning of that list insert—
  • an authorised deposit taker
  • (7) In section 576 (meaning of “lending institution”) for the words from “a building society” to “an insurance company” substitute—
  • an authorised deposit taker, or
  • an authorised insurer.

Interpretation of the 1985 Act

300
  • (1) Section 622 of the Housing Act 1985 is amended as follows.
  • (2) The existing text is numbered subsection (1).
  • (3) In subsection (1), the definitions of “bank”, “building society”[^f00228], “insurance company” and “trustee savings bank” are repealed.
  • (4) In subsection (1), after the definition of “assured agricultural tenancy” insert—
  • “authorised deposit taker” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act who has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits;
  • “authorised insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act who has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of insurance;
  • (5) After subsection (1) insert—

(2) The definitions of “authorised deposit taker” and “authorised insurer” in subsection (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Housing Associations Act 1985 (c. 69)

Agreements to indemnify certain lenders in England and Wales: consultation requirements

301

In section 84(5)(a)[^f00229] of the Housing Associations Act 1985 (requirement to consult before approving form of agreements with building societies), for “Building Societies Commission” substitute “Financial Services Authority”.

Agreements to indemnify certain lenders in Scotland: consultation requirements

302

In section 86(4)[^f00230] of the Housing Associations Act 1985 (requirement to consult before giving general approval to agreements), for “Building Societies Commission” substitute “Financial Services Authority”.

Insolvency Act 1986 (c. 45)

Further meaning of inability to pay debts where the company is a deposit taker

303
  • (1) After section 8(1) of the Insolvency Act 1986 (restrictions on making of administration order) insert—

(1A) For the purposes of a petition presented by the Financial Services Authority alone or together with any other party, an authorised deposit taker who defaults in an obligation to pay any sum due and payable in respect of a relevant deposit is deemed to be unable to pay its debts as mentioned in subsection (1). (1B) In subsection (1A)— (a) “authorised deposit taker” means a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, but excludes a person who has such permission only for the purpose of carrying on another regulated activity in accordance with that permission; and (b) “relevant deposit” must be read with— (i) section 22 of the Financial Services and Markets Act 2000, (ii) any relevant order under that section, and (iii) Schedule 2 to that Act, but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.

Limitation on power to make administration order

304

For section 8(4)[^f00231] of the Insolvency Act 1986 (restrictions on making of administration order) substitute—

(4) An administration order shall not be made in relation to a company after it has gone into liquidation. (5) An administration order shall not be made against a company if— (a) it has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance in the United Kingdom; (b) it continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987. (6) Subsection (5)(a) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Petition for winding-up by the Secretary of State

305

In subsection (1) of section 124A of the Insolvency Act 1986 (petition for winding-up on the grounds of public interest), for paragraph (b) substitute—

(b) any report made by inspectors under— (i) section 167, 168, 169 or 284 of the Financial Services and Markets Act 2000, or (ii) where the company is an open-ended investment company (within the meaning of that Act), regulations made as a result of section 262(2)(k) of that Act; (bb) any information or documents obtained under section 165, 171, 172, 173 or 175 of that Act,

Winding-up on petition of the Authority: partnerships

306

Section 168(5C)[^f00232] of the Insolvency Act 1986 (which is superseded by section 367 of the Financial Services and Markets Act 2000) is repealed.

Power to apply Parts 1 to 7 to former authorised institutions

307

In section 422(1)[^f00233] of the Insolvency Act 1986 (power to apply first group of Parts to banks etc), for “authorised institutions and former authorised institutions within the meaning of the Banking Act 1987” substitute “any person who continues to have a liability in respect of a deposit which was held by him in accordance with the Banking Act 1979 or the Banking Act 1987”.

Criminal Justice Act 1987 (c. 38)

Restriction on disclosure of information by members of Serious Fraud Office

308

For paragraphs (e) to (k) of section 3(6)[^f00234] of the Criminal Justice Act 1987 (competent authorities for the purposes of disclosure of information by members of the Serious Fraud Office) substitute—

(e) a person appointed under— (i) section 167 of the Financial Services and Markets Act 2000 (general investigations), (ii) section 168 of that Act (investigations in particular cases), (iii) section 169(1)(b) of that Act (investigation in support of overseas regulator), (iv) section 284 of that Act (investigations into affairs of certain collective investment schemes), or (v) regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies), to conduct an investigation; (f) a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager);

Consumer Protection Act 1987 (c. 43)

Exclusion of offences under section 397 of the Financial Services and Markets Act 2000

309

After subsection (5) of section 20 of the Consumer Protection Act 1987 (offence of giving misleading information) insert—

(5A) A person is not guilty of an offence under subsection (1) or (2) above if, in giving the misleading indication which would otherwise constitute an offence under either of those subsections, he is guilty of an offence under section 397 of the Financial Services and Markets Act 2000 (misleading statements and practices).

Repeal of unnecessary provisions

310
  • (1) Section 22 of the Consumer Protection Act 1987 (application of provisions relating to misleading price indications to services and facilities) is amended as follows.
  • (2) Subsection (3) is repealed.
  • (3) In subsection (5), the definitions of “appointed representative”, “authorised person” and “investment business” are repealed.

Access to Medical Reports Act 1988 (c. 28)

Access to medical reports: “insurance purposes”

311
  • (1) Section 2 of the Access to Medical Reports Act 1988 (interpretation) is amended as follows.
  • (2) In subsection (1), for the definition of “insurance purposes” substitute—
  • “insurance purposes”, in a case of any individual who has entered into, or is seeking to enter into, a contract of insurance with an insurer, means the purposes of that insurer in relation to that individual;
  • “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out relevant contracts of insurance.
  • (3) After that subsection, insert—

(1A) The definitions of “insurance purposes” and “insurer” in subsection (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Road Traffic Act 1988 (c. 52)

Notification of refusal of insurance on health grounds

312

For subsection (2) of section 95 of the Road Traffic Act 1988 (notification of refusal of insurance on health grounds) substitute—

(2) “Authorised insurer” means an insurer who is a member of the Motor Insurers Bureau (a company limited by guarantee and incorporated under the Companies Act 1929 on 14th June 1946). (3) “Insurer” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out relevant contracts of insurance, or (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out relevant contracts of insurance. (4) A contract is a relevant contract of insurance if the risk insured against relates to— (a) the insured sustaining accidental injury or death as a result of travelling as a passenger; (b) land vehicles; (c) goods in transit; or (d) motor vehicle liability. (5) This section must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any order for the time being in force under that section; and (c) Schedule 2 to that Act.

Requirements with respect to policies of insurance

313

For section 145(5) of the Road Traffic Act 1988 (requirements with respect to policies of insurance) substitute—

(5) “Authorised insurer” has the same meaning as in section 95.

Defined expressions: “authorised insurer”

314

In section 162 of the Road Traffic Act 1988 (defined expressions in Part 6), for the entry relating to “authorised insurer” substitute—

Authorised insurer Section 145(5).

Water Act 1989 (c. 15)

Listing particulars of nominated holding companies

315
  • (1) Section 90 of the Water Act 1989 (listing particulars of nominated holding companies) is amended as follows.
  • (2) Subsection (2) is repealed.
  • (3) For subsection (3) substitute—

(3) In this section— - “listing particulars” has the same meaning as in section 90(1) of the Financial Services and Markets Act 2000; and - “responsible”, in relation to listing particulars, has the meaning given in section 79(3) of that Act.

Restriction on disclosure of information

316

For paragraph (e) of section 174(2) of the Water Act 1989 (restrictions on disclosure of information) substitute—

(e) for the purpose of enabling or assisting the Secretary of State, the Treasury or the Financial Services Authority to exercise any powers conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency; (ea) for the purpose of enabling or assisting any inspector appointed under enactments relating to companies to carry out his functions;

Law of Property (Miscellaneous Provisions) Act 1989 (c. 34)

Contracts to which section 2 of the 1989 Act does not apply

317
  • (1) Section 2 of the Law of Property (Miscellaneous Provisions) Act 1989 (Contracts for sale etc of land to be made by signed writing) is amended as follows.
  • (2) For paragraph (c) of subsection (5) substitute—

(c) a contract regulated under the Financial Services and Markets Act 2000, other than a regulated mortgage contract;

  • (3) In subsection (6) after the definition of “interest in land” insert—
  • “regulated mortgage contract” must be read with— section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.

Local Government and Housing Act 1989 (c. 42)

Borrowing powers of local authorities

318
  • (1) Section 43 of the Local Government and Housing Act 1989 (borrowing powers) is amended as follows.
  • (2) In paragraph (a) of subsection (2), for “an authorised institution within the meaning of the Banking Act 1987” substitute “a deposit-taker”.
  • (3) In that subsection, the words after paragraph (c) are repealed.
  • (4) After subsection (8) insert—

(9) In this section— (a) “deposit-taker” means— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or (ii) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits; and (b) “short-term”, in relation to borrowing, is to be read with section 45(6). (10) Subsection (9)(a) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

National Health Service and Community Care Act 1990 (c. 19)

Schemes for meeting losses and liabilities of certain health service bodies

319

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Contracts (Applicable Law) Act 1990 (c. 36)

Law applicable to a contract of insurance

320

In section 2 of the Contracts (Applicable Law) Act 1990 (conventions to have force of law), for subsection (1A)[^f00236] substitute—

(1A) The internal law for the purposes of Article 1(3) of the Rome Convention is the provisions of the regulations for the time being in force under section 424(3) of the Financial Services and Markets Act 2000.

Authorisation of conveyancing practitioners

321

For section 37(8)[^f00237] of the Courts and Legal Services Act 1990 (authorisation of conveyancing practitioners) substitute—

(8) Subsection (8A) applies if the applicant is— (a) a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or (b) an EEA firm of the kind mentioned in paragraph 5(b) or (d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) either— (i) to accept deposits, or (ii) to effect or carry out contracts of insurance. (8A) The Board must have regard to the fact that the applicant has obtained that permission in determining whether it is satisfied as mentioned in subsection (1)(a). (8B) Subsection (8) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Investigation of conveyancing practitioners

322

For section 48(4)[^f00238] of the Courts and Legal Services Act 1990 (investigation of conveyancing practitioners on behalf of the Board) substitute—

(4) Subsection (4A) applies if an authorised practitioner whose affairs are under investigation is— (a) a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or (b) an EEA firm of the kind mentioned in paragraph 5(b) or (d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) either— (i) to accept deposits, or (ii) to effect or carry out contracts of insurance. (4A) The Lord Chancellor may give a direction with a view to limiting the scope of the investigation to matters concerned with the provision of conveyancing services. (4B) Subsection (4) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Exceptions from restrictions on disclosure of information by the Authorised Conveyancing Practitioners Board

323
  • (1) Subsection (2) of section 50 of the Courts and Legal Services Act 1990 (power of the Board to disclose information for certain purposes) is amended as follows.
  • (2) The following are repealed—
  • (a) paragraphs (d) and (l);
  • (b) sub-paragraph (vii) of paragraph (m); and
  • (c) in paragraph (i)[^f00239] of sub-paragraph (p), the words “the Building Societies Commission”.
  • (3) For paragraph (e) substitute—

(e) a recognised investment exchange or a recognised clearing house (both within the meaning given by section 285 of the Financial Services and Markets Act 2000) to discharge any of its functions;

  • (4) For paragraphs (fa)[^f00240] to (h) substitute—

(fa) the Financial Services Authority to discharge its functions under the legislation relating to friendly societies or to industrial and provident societies, under the Building Societies Act 1986 or under the Financial Services and Markets Act 2000; (g) the Secretary of State or the Treasury to discharge any function conferred by this Act, the Financial Services and Markets Act 2000 or any enactment relating to competition, companies or insolvency; (h) the competent authority for the purposes of Part 6 of the Financial Services and Markets Act 2000 to discharge its functions under that Part; (ha) a person appointed under— (i) section 167 of the Financial Services and Markets Act 2000 (general investigations), (ii) section 168 of that Act (investigations in particular cases), (iii) section 169(1)(b) of that Act (investigation in support of overseas regulator), (iv) section 284 of that Act (investigations into affairs of certain collective investment schemes), or (v) regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies), to conduct an investigation to discharge his functions; (hb) any inspector appointed by the Secretary of State under this Act or any enactment relating to competition, companies or insolvency to discharge his functions under that enactment; (hc) a body designated under section 326(1) of the Financial Services and Markets Act 2000 to discharge its functions in its capacity as a body designated under that section;

  • (5) In paragraph (m), after sub-paragraph (ix) insert—

(x) the Financial Services and Markets Act 2000;

  • (6) For paragraph (r) substitute—

(r) the Financial Services Tribunal to discharge any function it has in relation to proceedings before it by virtue of the Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001; (s) the Financial Services and Markets Tribunal to discharge any of its functions.

Board’s power of intervention

324

For subsections (5) to (8) of section 52[^f00241] of the Courts and Legal Services Act 1990 substitute—

(5) Subsection (6) applies to an authorised practitioner who— (a) has permission under any provision of the Financial Services and Markets Act 2000 to carry on a regulated activity; or (b) is an appointed representative of a person with such permission; and “regulated activity” and “appointed representative” have the meaning given in that Act. (6) In relation to an authorised practitioner to whom this subsection applies, the powers of intervention may be exercised only after consultation with the Financial Services Authority.

Preparation of papers for probate

325
  • (1) Section 54(1) of the Courts and Legal Services Act 1990 (which amends the Solicitors Act 1974[^f00242]) is amended as follows.
  • (2) In the inserted subsection (2), for paragraphs (e)[^f00243] to (g) substitute—

(e) a person who— (i) has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance, and (ii) satisfies the conditions mentioned in subsection (2A); (f) an EEA firm of the kind mentioned in paragraph 5(b) or (d) of Schedule 3 to that Act— (i) which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) either to accept deposits or to effect or carry out contracts of insurance, and (ii) which satisfies those conditions;

  • (3) In paragraph (h) of that inserted subsection, for “, (f) or (g)” substitute “or (f)”.
  • (4) After the inserted subsection (2A), insert—

(2AB) Paragraphs (e) and (f) of subsection (2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Judicial pensions: transfer of accrued benefits

326
  • (1) Schedule 13 to the Courts and Legal Services Act 1990 (transfer of accrued benefits) is amended as follows.
  • (2) In paragraph 1 of Schedule 1A[^f00244] (to be inserted in the Judicial Pensions Act 1981), the existing provision becomes sub-paragraph (1).
  • (3) In that sub-paragraph, for the definition of “authorised insurance company” substitute—
  • “authorised insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;
  • (4) After that sub-paragraph, insert—

(2) The definition of “authorised insurer” in sub-paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; (c) Schedule 2 to that Act.

  • (5) In paragraph 6(2)(c), for “insurance companies” substitute “insurers”.
  • (6) In paragraph 11(3), in paragraph (a) of the definition of “qualifying scheme” for “insurance company” substitute “insurer”.

Foreign lawyers: authorisation under Financial Services Act 1986

327

Paragraph 9 of Schedule 14 to the Courts and Legal Services Act 1990 is repealed.

Water Industry Act 1991 (c. 56)

Restriction on disclosure of information

328

For paragraph (e) of section 206(3) of the Water Industry Act 1991 (restrictions on disclosure of information) substitute—

(e) for the purpose of enabling or assisting the Secretary of State, the Treasury or the Financial Services Authority to exercise any powers conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency; (ea) for the purpose of enabling or assisting any inspector appointed under enactments relating to companies to carry out his functions;

Water Resources Act 1991 (c. 57)

Restriction on disclosure of information

329

For paragraph (e) of section 204(2) of the Water Resources Act 1991 (restrictions on disclosure of information) substitute—

(e) for the purpose of enabling or assisting the Secretary of State, the Treasury or the Financial Services Authority to exercise any powers conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency; (ea) for the purpose of enabling or assisting any inspector appointed under enactments relating to companies to carry out his functions;

The Social Security Administration Act 1992 (c. 5)

Meaning of “qualifying lender”

330
  • (1) Section 15A of the Social Security Administration Act 1992 is amended as follows.
  • (2) In subsection (3)—
  • (a) for paragraph (a) substitute—

(a) a deposit taker;

  • (b) paragraph (b) is repealed; and
  • (c) for paragraph (c) substitute—

(c) an insurer;

  • (3) In subsection (4), before the definition of “mortgage interest” insert—
  • “deposit taker” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;
  • “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance, or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect and carry out contracts of insurance;
  • (4) After subsection (4) insert—

(4A) The definitions of “deposit taker” and “insurer” in subsection (4) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Local Government Act 1992 (c. 19)

Repeal of spent provision

331

Paragraph 22 of Schedule 3 to the Local Government Act 1992 (minor and consequential amendments) is repealed.

Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52)

Application of section 99 of Friendly Societies Act 1992 to trade unions

332

In section 19(1)[^f00245] of the Trade Union and Labour Relations (Consolidation) Act 1992 (application of section 99 of Friendly Societies Act 1992 to trade unions) for “an industrial assurance company” substitute “a friendly society”.

Application of section 19 to employers' associations

333

In section 129(3) of the Trade Union and Labour Relations (Consolidation) Act 1992 (application of section 19 of that Act to employers' associations), the words “industrial assurance or” are repealed.

Tribunals and Inquiries Act 1992 (c. 53)

Concurrence required for removal of members of certain tribunals

334

In section 7(2)[^f00246] of the Tribunals and Inquiries Act 1992 (tribunals in relation to which requirement of concurrence to removal of members does not apply) the words “,4” and “, 21A” are repealed.

Consultation on tribunal rules

335
  • (1) Section 8 of the Tribunals and Inquiries Act 1992 (consultation on tribunal rules) is amended as follows.
  • (2) Subsection (2) is repealed.
  • (3) For paragraphs (a) and (b)[^f00247] of subsection (3) substitute “with respect to any tribunal specified in Part 2 of Schedule 1.”.

Removal of unnecessary right of appeal

336

In section 11(1)[^f00248] of the Tribunals and Inquiries Act 1992 (right of appeal from certain tribunals on a point of law) the word “, 18” is repealed.

Power to amend or repeal certain provisions

337

In section 13(5) of the Tribunals and Inquiries Act 1992 (power to amend or repeal certain provisions of that Act) in paragraph (a), the word “, 6” is repealed.

Removal of references to old tribunals

338

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