{
  "url": "https://openlegislation.uk/banking-act-1987-repealed/section-1",
  "json_url": "https://openlegislation.uk/banking-act-1987-repealed/section-1.json",
  "legislation": "ukpga/1987/22",
  "legislation_title": "Banking Act 1987 (repealed)",
  "legislation_url": "https://openlegislation.uk/banking-act-1987-repealed",
  "path": "section/1",
  "kind": "section",
  "number": "1",
  "heading": "Functions and duties of the Bank of England.",
  "text": "(1) The 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.\n(2) It shall also be the duty of the Authority 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.\n(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.\n(4) Neither 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 Authority under this Act unless it is shown that the act or omission was in bad faith.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "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"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 1 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para. 2(a)(b)."
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 1(4) continued (1.12.2001) by S.I. 2001/3650, arts. 1, 24(2)(a)(4)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1987/22/section/1",
    "retrieved_at": "2026-10-29T09:52:41.355387+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}