Section 129A

In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply. In this section— “FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000; “immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000; “PRA-authorised person” has the meaning given by section 2B(5) of that Act. Read subsection (2)(a) as “the FCA has informed the Bank of England that the FCA is satisfied that Condition 1 in section 7 is met,”. Treat the references to the PRA in subsection (3) as references to the FCA. Read subsection (3)(a) as “the Bank of England—(i) has informed the FCA that it is satisfied that Condition 2 in section 7 is met, and (ii) has consented to the application, The FCA must consult the PRA before applying for a bank insolvency order. Treat the reference to two individuals in subsection (2)(a) as a reference to one individual. Ignore subsection (2)(b). Ignore the reference to the PRA in subsection (6)(c). Treat the reference to the PRA in subsections (1) and (2) as a reference to the FCA. Treat the reference in subsection (2) to the FCA as a reference to the Bank of England. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treat the reference to the PRA in subsection (2) as a reference to the FCA. Treat the reference in subsection (2) to the FCA as a reference to the Bank of England. Treat the references to the PRA in subsections (5), (7) and (10) as references to the FCA. Ignore the duty to inform the FCA in subsection (10)(a).

← 2 · All articles · 1 →

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