Article 14 Rules about information to be provided by a non ring-fenced body to individual account-holders

(1)

The FCA must make rules specifying the information a non ring-fenced body must provide at any specified time (“specified information”) to—

(a)

individuals who have applied to open an account with that non ring-fenced body (including a joint account); and

(b)

account-holders of that non ring-fenced body who are individuals.

(2)

The specified information must include a description of—

(a)

any excluded activity^f1 which the non ring-fenced body is carrying on; and

(b)

any prohibited action which the non ring-fenced body has taken;

at the time at which rules made by the FCA under paragraph (1) specify the information must be provided.

(3)

In this article—

(a)

“non ring-fenced body” means a UK deposit-taker which is not—

(i)

a ring-fenced body, or

(ii)

an institution which is exempt from the definition of a ring-fenced body by virtue of section 142A(2) of the 2000 Act or any order made under that section;

(b)

“prohibited action” means any action which a ring-fenced body is prohibited from taking by the excluded activities and prohibitions order.

Annotations

Footnotes

f1: “Excluded activity” is defined in section 142D of the Act. Section 142D was inserted into the Act by the Financial Services (Banking Reform) Act 2013 (c 33), section 4.