The Financial Services (Banking Reform) Act 2013 (Commencement No. 2) Order 2014

Made: 20th March 2014

The Secretary of State, in exercise of the power conferred by section 148(3) of the Financial Services (Banking Reform) Act 2013[^f00001], makes the following Order:

Citation

1

This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 2) Order 2014.

Appointed day for the coming into force of sections 139 and 140(1) to (3) of the Financial Services (Banking Reform) Act 2013

2

Section 139 (power to impose penalties on persons providing claims management services) and section 140(1) to (3) (recovery of expenditure incurred by Office for Legal Complaints) of the Financial Services (Banking Reform) Act 2013 come into force on 21st March 2014.

Signed

Signed by authority of the Secretary of State

Edward Faulks — Minister of State — Ministry of Justice — 20th March 2014

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order brings into force on 21st March 2014 section 139 and section 140(1) to (3) of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the 2013 Act”). This is the second commencement order to be made under the 2013 Act.

Section 139 amends the Compensation Act 2006 (c. 29) (“the 2006 Act”) to create a power for the Claims Management Regulator to impose penalties on persons providing claims management services. Section 140(1) to (3) amends the 2006 Act to allow the recovery of expenditure incurred by the Office for Legal Complaints in dealing with claims management complaints.

This Order will have no effect on the costs of business and the voluntary sector independent of the provisions this Order brings into force. For that reason, no impact assessment has been produced for this instrument.

Footnotes

[^f00001]: 2013 c. 33.