Section 1 Functions and duties of the Bank of England.C1

United Kingdom

(1)

F1The Financial Services Authority (in this Act referred to as “the Authority”) shall have the powers conferred on it by this Act and the duty generally to supervise the institutions authorised by it in the exercise of those powers.

(2)

It shall also be the duty of the F2Authority to keep under review the operation of this Act and developments in the field of banking which appear to it to be relevant to the exercise of its powers and the discharge of its duties.

(3)

The Authority shall, as soon as practicable after the end of each of its financial years, make to the Chancellor of the Exchequer and publish in such manner as it thinks appropriate a report on its activities under this Act in that year; and the Chancellor of the Exchequer shall lay copies of every such report before Parliament.

C2(4)

F3Neither the Authority nor any person who is, or is acting as, an officer or servant of the Authority shall be liable in damages for anything done or omitted in the discharge or purported discharge of the functions of the F4Authority under this Act unless it is shown that the act or omission was in bad faith.

Annotations

Textual amendments

F1: Words in s. 1(1) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 2(a); S.I. 1998/1120, art. 2
F2: Words in s. 1(2)(3) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 2(b); S.I. 1998/1120, art. 2
F3: Words in s. 1(4) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 2(c)(i) (with Sch. 8 para. 1); S.I. 1998/1120, art.2
F4: Word in s. 1(4) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 2(c)(ii) (with Sch. 8 para. 1); S.I. 1998/1120, art. 2

Modifications

C1: S. 1 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para. 2(a)(b).
C2: S. 1(4) continued (1.12.2001) by S.I. 2001/3650, arts. 1, 24(2)(a)(4)

Notes on the whole Act

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Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(d)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