Schedule 3, Part 1, paragraph 2(3)

For subsections (2) to (5) substitute— “Relevant person” means— an institution authorised in the UK; or a qualifying parent undertaking within the meaning given by section 192B . A “recovery plan” is a document which provides for measures to be taken— by an institution authorised in the UK which is not part of a group, following a significant deterioration of the financial position of the institution, in order to restore its financial position; or in relation to a group, to achieve the stabilisation of the group as a whole, or of any institution within the group, where the group or institution is in a situation of financial stress, in order to address or remove the causes of the financial stress and restore the financial position of the group or institution. For the purposes of subsection (3)(a) the definition of “group” in section 421 applies with the omission of subsection (1)(e) and (f) of that section.

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