# Financial Services Act 2012, Paragraph 28


After section 83 insert—
“Banks not regulated by PRA
Modifications of Part
83A (1) In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.
(2) In this section—
“FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000;
“immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000;
“PRA-authorised person” has the meaning given by section 2B(5) of that Act.
TABLE OF MODIFICATIONS
Provision
Modification
Section 7
(a) Treat the references to the PRA in subsections (1), (4), (4A) and (5) as references to the FCA.
(b) Ignore subsection (5)(aa).
(c) If the bank has as a member of its immediate group a PRA-authorised person the FCA must consult the PRA before determining whether or not Condition 2 is met.
Section 8
Subsection (3)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 9
Subsection (4)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 24
Ignore subsection (1)(c).
Section 25
Ignore subsection (2)(c).
Section 26
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 26A
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 27
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 28
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 29
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 30
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 31
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 41
Ignore subsection (1)(c).
Section 42
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 42A
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 43
Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 44
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 45
Subsection (8)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 46
Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 81B
(a) Treat the reference to the PRA in subsection (2) as a reference to the FCA.
(b) Ignore subsection (6)(b).
Section 82
(a) Treat the reference to the PRA in subsection (2) as a reference to the FCA.
(b) Ignore subsection (5)(a).
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Source: https://www.legislation.gov.uk/ukpga/2012/21/schedule/17/paragraph/28 (the official version)
Page: https://openlegislation.uk/financial-services-act-2012/schedule-17/paragraph-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.