Explanatory note

These Regulations re-enact the Banking Act 1979 (Advertisements) Regulations 1985 (S.I. 1985/220, amended by S.I. 1987/64). They apply to deposit advertisements (which are defined in section 32(5) of the Banking Act 1987 (c. 22)) subject to the exclusions specified in regulation 2. In particular, the Regulations do not apply where the deposits are to be made only with offices in the United Kingdom or another member State of the European Communities, or, if there is no indication of the offices with which the deposits are to be made, if the deposit-taker carries on business there. The one change of substance from the previous Regulations is that these Regulations exclude advertisements which invite only such deposits as are incidental to investment business and which are regulated by rules made in the context of the Financial Services Act 1986. In addition there are minor and drafting amendments.

The Regulations specify matters which must and matters which must not be included in advertisements to which the Regulations apply, and in particular require the inclusion of particulars about the person taking the deposit, and contain provisions in connection with references to the deposit-taker’s assets and liabilities, deposit protection arrangements, interest on deposits and the currency in which deposits will be made.

The Banking Act 1979 (Advertisements) Regulations 1985 are revoked.