Section 7 “Bank”I1

(1)

Subject to subsection (4), “bank” means an authorised deposit-taker that has its head office, or one or more branches, in the United Kingdom.

(2)

In subsection (1) “authorised deposit-taker” means—

(a)

a person who under F1Part 4A of FSMA 2000 has permission to accept deposits;

F2(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

A reference in subsection (2) to a person F3... with permission to accept deposits does not include a person ... with permission to do so only for the purposes of, or in the course of, an activity other than accepting deposits.

(4)

“Bank” does not include—

(a)

a building society;

(b)

a person who is specified, or is within a class of persons specified, by an order under section 38 of FSMA 2000 (exemption orders);

(c)

a credit union;

(d)

a friendly society.

(5)

In this section—

F4“credit union” means a credit union within the meaning of section 31(1) of the Credit Unions Act 1979 or a credit union within the meaning of Article 2(2) of the Credit Unions (Northern Ireland) Order 1985;
“friendly society” has the same meaning as in the Friendly Societies Act 1992 (c. 40) (see section 116 of that Act);
“FSMA 2000” means the Financial Services and Markets Act 2000 (c. 8).

Annotations

Textual amendments

F1: Words in s. 7(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 128 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: S. 7(2)(b) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 40(a) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in s. 7(3) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 40(b) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in s. 7(5) substituted (31.3.2012) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), arts. 2(c), 12(1)

Commencement

I1: S. 7 in force at 12.3.2009 by S.I. 2009/490, art. 2