# Financial Services Act 1986 (repealed), Section 185: Banking business.

Extent: E+W+S+N.I.

(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.
(2) A disqualification notice relating to such business shall have the effect of—
(a) cancelling any authorisation granted to the person concerned under the Banking Act 1987; and
(b) disqualifying him from becoming an authorised institution within the meaning of that Act.
(3) A partial restriction notice relating to such business may—
(a) prohibit the person concerned from dealing with or disposing of his assets in any manner specified in the direction;
(b) impose limitations on the acceptance by him of deposits;
(c) prohibit him from soliciting deposits either generally or from persons who are not already depositors;
(d) prohibit him from entering into any other transaction or class of transactions;
(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.
(4) The Treasury shall serve on the Financial Services Authority a copy of any notice served by them under section 183 above.
(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—
(a) on conviction on indictment, to a fine;
(b) on summary conviction, to a fine not exceeding the statutory maximum.
(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.
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/1986/60/section/185 (the official version)
Page: https://openlegislation.uk/financial-services-act-1986-repealed/section-185
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.