{
  "url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-185",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-185.json",
  "legislation": "ukpga/1986/60",
  "legislation_title": "Financial Services Act 1986 (repealed)",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-repealed",
  "path": "section/185",
  "kind": "section",
  "number": "185",
  "heading": "Banking business.",
  "text": "(1) A notice under section 183 above relating to the carrying on of a deposit-taking business as an authorised institution within the meaning of the Banking Act 1987 shall be served by the Treasury and may be either a disqualification notice or a partial restriction notice.\n(2) A disqualification notice relating to such business shall have the effect of—\n(a) cancelling any authorisation granted to the person concerned under the Banking Act 1987; and\n(b) disqualifying him from becoming an authorised institution within the meaning of that Act.\n(3) A partial restriction notice relating to such business may—\n(a) prohibit the person concerned from dealing with or disposing of his assets in any manner specified in the direction;\n(b) impose limitations on the acceptance by him of deposits;\n(c) prohibit him from soliciting deposits either generally or from persons who are not already depositors;\n(d) prohibit him from entering into any other transaction or class of transactions;\n(e) require him to take certain steps, to pursue or refrain from pursuing a particular course of activities or to restrict the scope of his business in a particular way.\n(4) The Treasury shall serve on the Financial Services Authority a copy of any notice served by them under section 183 above.\n(5) Any person who contravenes any provision of a partial restriction notice served on him by the Treasury under this section shall be guilty of an offence and liable—\n(a) on conviction on indictment, to a fine;\n(b) on summary conviction, to a fine not exceeding the statutory maximum.\n(6) Any such contravention shall be actionable at the suit of a person who suffers loss as a result of the contravention subject to the defences and other incidents applying to actions for breach of statutory duty, but no such contravention shall invalidate any transaction.\n(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words substituted by Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 27(4)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words substituted by Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 27(4)(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 185(4) substituted (1.6.1998) by 1998 c. 11, ss. 23, 45, Sch. 5 para. 39; S.I. 1998/1120, art. 2; which Sch. 5 Pt. IV para. 39 itself was repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(b)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "S. 185(7) repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(2), Sch. 7 Pt. I"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/60/section/185",
    "retrieved_at": "2026-10-29T09:53:57.234744+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."
}