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Banking Act 1987 (repealed)

1987 c. 22 · Enacted 15 May 1987 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 December 2001.

Annotations to the whole text

Textual amendments

F1

Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(d)

Act continued (with modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9(1), Sch. 1 Pt. 1; S.I. 2001/3538 (as amended (1.4.2013) by S.I. 2013/472, arts. 1(1), 3, Sch. 2 para. 56(h)(i)); and specified provisions of Act applied, extended and amended (1.4.2003) so far as still in force by 2001 c. 16, ss. 50, 52-54, 57(1)(j)(4), 68, 138(2), Sch. 1 para. 43, Sch. 2 para. 16(2)(d); S.I. 2003/708, art. 2

Contents

  1. Part I: Regulation of Deposit-Taking Business
  2. The Bank of England and the Board of Banking Supervision
  3. 1Functions and duties of the Bank of England.
  4. 2The Board of Banking Supervision.
  5. Restriction on acceptance of deposits
  6. 3Restriction on acceptance of deposits.
  7. 4Exempted persons and exempted transactions.
  8. 5Meaning of “deposit”.
  9. 6Meaning of “deposit-taking business”.
  10. 7Power to amend definitions.
  11. Authorisations
  12. 8Applications for authorisation.
  13. 9Grant and refusal of authorisation.
  14. 10Notice of grant or refusal.
  15. 11Revocation of authorisation.
  16. 12Restriction of authorisation.
  17. 12ARevocation or restriction on information from supervisory authority.
  18. 13Notice of revocation or restriction.
  19. 14Mandatory revocation and restriction in cases of urgency.
  20. 15Surrender of authorisation.
  21. 16Statement of principles.
  22. 17Information as to authorised institutions.
  23. 18False statements as to authorised status.
  24. Directions
  25. 19Directions to institutions.
  26. 20Notification and confirmation of directions.
  27. Objections to controllers
  28. 21Notification of new or increased control.
  29. 22Objection to new or increased control.
  30. 23Objection by direction of the Treasury.
  31. 24Objection to existing shareholder controller.
  32. 25Contraventions by controller.
  33. 26Restrictions on and sale of shares.
  34. Appeals
  35. 27Rights of appeal.
  36. 28Constitution of tribunals.
  37. 29Determination of appeals.
  38. 30Costs, procedure and evidence.
  39. 31Further appeals on points of law.
  40. Invitations to make deposits
  41. 32Advertisement regulations.
  42. 33Advertisement directions.
  43. 34Unsolicited calls.
  44. 35Fraudulent inducement to make a deposit.
  45. Information
  46. 36Notification of change of director, controller or manager.
  47. 37Notification of acquisition of significant shareholding.
  48. 38Reports of large exposures.
  49. 39Power to obtain information and require production of documents.
  50. 40Right of entry to obtain information and documents.
  51. Investigations
  52. 41Investigations on behalf of the Authority.
  53. 42Investigation of suspected contraventions.
  54. 43Powers of entry in cases of suspected contraventions.
  55. 44Obstruction of investigations.
  56. Accounts and auditors
  57. 45Audited accounts to be open to inspection.
  58. 46Notification in respect of auditors.
  59. 47Communication by auditor etc. with the Authority.
  60. Unauthorised acceptance of deposits
  61. 48Repayment of unauthorised deposits.
  62. 49Profits from unauthorised deposits.
  63. Part II: The Deposit Protection Scheme
  64. The Board and the Fund
  65. 50The Deposit Protection Board.
  66. 51The Deposit Protection Fund.
  67. Contributions to the Fund
  68. 52Contributory institutions and general provisions as to contributions.
  69. 53Initial contributions.
  70. 54Further contributions.
  71. 55Special contributions.
  72. 56Maximum and minimum contributions.
  73. 57Deposit base of transferee institutions.
  74. Payments out of the Fund
  75. 58Compensation payments to depositors.
  76. 59Meaning of insolvency etc.
  77. 60Protected deposits.
  78. 61Trustee deposits, joint deposits etc.
  79. 62Liability of institution in respect of compensation payments.
  80. Repayments in respect of contributions
  81. 63Repayments in respect of contributions.
  82. Supplementary provisions
  83. 64Borrowing powers.
  84. 65Power to obtain information.
  85. 66Tax treatment of contributions and repayments.
  86. Part III: Banking Names and Descriptions
  87. 67Restriction on use of banking names.
  88. 68Exemptions from s. 67.
  89. 69Restriction on use of banking descriptions.
  90. 70Power to object to institution’s names.
  91. 71Effect of notices under s. 70 and appeals.
  92. 72Registration of substitute corporate name by oversea company.
  93. 73Offences under Part III.
  94. Part IV: Overseas Institutions with Representative Offices
  95. 74Meaning of “overseas institution” and “representative office”.
  96. 75Notice of establishment of representative office.
  97. 76Power to object to names of overseas institutions.
  98. 77Effect of notices under s. 76 and appeals.
  99. 78Registration of substitute corporate name by overseas institution.
  100. 79Duty to provide information and documents.
  101. 80Regulations imposing requirements on overseas-based banks.
  102. 81Offences under Part IV.
  103. Part V: Restriction on Disclosure of Information
  104. 82Restricted information.
  105. 83Disclosure for facilitating discharge of functions by the Bank.
  106. 84Obstruction of investigations.
  107. 85Objection by direction of the Treasury.
  108. 86Information supplied to Bank by relevant overseas authority etc.
  109. 87Notification of acquisition of significant shareholding.
  110. Part VI: Miscellaneous and Supplementary
  111. 88Exclusion of authorised institution’s agreements from Consumer Credit Act 1974.
  112. 89Electronic transfer of funds.
  113. 90Disclosure of transactions by authorised institutions with chief executives and managers.
  114. 91Powers for securing reciprocal facilities for banking and other financial business.1986 c. 60.
  115. 92Winding up on petition from the Authority.
  116. 93Injunctions.
  117. 94False and misleading information.
  118. 95Restriction of Rehabilitation of Offenders Act 1974.
  119. 96Offences.
  120. 97Summary proceedings.
  121. 98Offences committed by unincorporated associations.
  122. 99Service of notices on the Authority.
  123. 100Service of other notices.
  124. 101Evidence.
  125. 102Powers for securing reciprocal facilities for banking and other financial business.
  126. 103Municipal banks.
  127. 104Scottish 1819 savings banks.
  128. 105Meaning of “director”, “controller”, “manager”, and “associate”.
  129. 105AMeaning of related company.
  130. 106Interpretation.
  131. 107Transitional provisions.
  132. 108Minor and consequential amendments, repeals and revocations.
  133. 109Northern Ireland.
  134. 110Short title and commencement.
  135. Schedule 1: The Board of Banking Supervision
  136. Terms of office
  137. 1Paragraph 1
  138. Removal from office
  139. 2Paragraph 2
  140. Increase in number of members
  141. 3Paragraph 3
  142. Proceedings
  143. 4Paragraph 4
  144. Facilities, remuneration and allowances
  145. 5Paragraph 5
  146. Schedule 2: Exempted Persons
  147. 1Paragraph 1
  148. 2Paragraph 2
  149. 3Paragraph 3
  150. 4Paragraph 4
  151. 5Paragraph 5
  152. 6Paragraph 6
  153. 7Paragraph 7
  154. 8Paragraph 8
  155. 9Paragraph 9
  156. 10Paragraph 10
  157. 11Paragraph 11
  158. 12Paragraph 12
  159. 13Paragraph 13
  160. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  161. 14A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  162. 15Paragraph 15
  163. 16Paragraph 16
  164. 17Paragraph 17
  165. 18Paragraph 18
  166. 19Paragraph 19
  167. 20Paragraph 20
  168. 21Paragraph 21
  169. 22Paragraph 22
  170. 23Paragraph 23
  171. 24Paragraph 24
  172. 25Paragraph 25
  173. 26Paragraph 26
  174. Schedule 3: Minimum Criteria for Authorisation
  175. Directors etc. to be fit and proper persons
  176. 1Paragraph 1
  177. Business to be directed by at least two individuals
  178. 2Paragraph 2
  179. Composition of board of directors
  180. 3Paragraph 3
  181. Business to be conducted in prudent manner
  182. 4Paragraph 4
  183. Integrity and skill
  184. 5Paragraph 5
  185. Minimum net assets
  186. 6Paragraph 6
  187. Schedule 4: The Deposit Protection Board
  188. Constitution
  189. 1Paragraph 1
  190. Expenses
  191. 2Paragraph 2
  192. Proceedings
  193. 3Paragraph 3
  194. 4Paragraph 4
  195. Accounts, audit and annual report
  196. 5Paragraph 5
  197. Schedule 5: Transitional Provisions
  198. First report by Bank of England
  199. 1Paragraph 1
  200. Existing recognised banks and licensed institutions
  201. 2Paragraph 2
  202. Conditional licences
  203. 3Paragraph 3
  204. Applications subject to appeal
  205. 4Paragraph 4
  206. Revocation
  207. 5Paragraph 5
  208. Directions
  209. 6Paragraph 6
  210. Information and investigations
  211. 7Paragraph 7
  212. Members of Deposit Protection Board
  213. 8Paragraph 8
  214. Initial contributions by excluded institutions
  215. 9Paragraph 9
  216. Maximum contributions
  217. 10Paragraph 10
  218. Insolvencies before commencement of Part II
  219. 11Paragraph 11
  220. Borrowing
  221. 12Paragraph 12
  222. Use of banking names
  223. 13Paragraph 13
  224. Restriction on disclosure of information
  225. 14Paragraph 14
  226. Schedule 6: Minor and Consequential Amendments
  227. The Bankers’ Books Evidence Act 1879
  228. 1Paragraph 1
  229. The Agricultural Credits Act 1928
  230. 2Paragraph 2
  231. The Agricultural Credits (Scotland) Act 1929
  232. 3Paragraph 3
  233. The Tribunals and Inquiries Act 1971
  234. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  235. The Solicitors Act 1974
  236. 5Paragraph 5
  237. The Home Purchase Assistance and Housing Corporation Guarantee Act 1978
  238. 6Paragraph 6
  239. The Credit Unions Act 1979
  240. 7Paragraph 7
  241. The Crown Agents Act 1979
  242. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  243. The Solicitors (Scotland) Act 1980
  244. 9Paragraph 9
  245. The British Telecommunications Act 1981
  246. 10Paragraph 10
  247. The Supreme Court Act 1981
  248. 11Paragraph 11
  249. The Housing (Northern Ireland) Order 1981
  250. 12Paragraph 12
  251. The Finance Act 1982
  252. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  253. The Duchy of Cornwall Management Act 1982
  254. 14Paragraph 14
  255. The County Courts Act 1984
  256. 15Paragraph 15
  257. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  258. The Inheritance Tax Act 1984
  259. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  260. The Companies Act 1985
  261. 18Paragraph 18
  262. The Trustee Savings Banks Act 1985
  263. 19Paragraph 19
  264. The Bankruptcy (Scotland) Act 1985
  265. 20Paragraph 20
  266. The Housing Act 1985
  267. 21Paragraph 21
  268. The Housing Associations Act 1985
  269. 22Paragraph 22
  270. The Credit Unions (Northern Ireland) Order 1985
  271. 23Paragraph 23
  272. The Finance Act 1986
  273. 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  274. The Insolvency Act 1986
  275. 25Paragraph 25
  276. The Building Societies Act 1986
  277. 26Paragraph 26
  278. The Financial Services Act 1986
  279. 27Paragraph 27
  280. The Companies (Northern Ireland) Order 1986
  281. 28Paragraph 28
  282. Schedule 7: Repeals and Revocations
  283. IEnactments
  284. IIInstruments