Section 48N

A resolution instrument may enable the Bank of England— to remove a director or senior manager of a specified bank; to vary the service contract of a director or senior manager of a specified bank; to terminate the service contract of a director or senior manager of a specified bank; to appoint a director or senior manager of a specified bank. Subsection (1) also applies to a director or senior manager of any undertaking which is a banking group company in respect of a specified bank. Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England. In this section “senior manager” means a person who— exercises executive functions within a specified bank or banking group company, and is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.

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