Section 422(1)

The Secretary of State may by order made with the concurrence of the Treasury and after consultation with the Financial Conduct Authority and the Prudential Regulation Authority provide that specified provisions in the first Group of Parts shall apply with specified modifications in relation to any person who— has a liability in respect of a deposit which he accepted in accordance with the Banking Act 1979 (c. 37) or 1987 (c. 22), but does not have permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) (regulated activities) to accept deposits.

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Source: legislation.gov.uk · retrieved 2026-09-04