# The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, Article 486: Interest on unpaid sums

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

Regulation 18 of the Local Government Changes for England (Property Transfer and Transitional Payments) Regulations 1995 (interest) is amended as follows—
(a) for paragraph (3) of that regulation (interest on unpaid levies), substitute—
“(3) For the purposes of paragraph (2) above, the reference banks are the seven largest persons for the time being who—
(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and
(c) quote a base rate in sterling.”;
(b) in paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c) in paragraph (5) of that regulation—
(i) in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and
(ii) the definition of “a deposit-taking business” is revoked;
(d) after paragraph (5) of that regulation insert—
“(6) Paragraph (3)(a) and (b) must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order under that section; and
(c) Schedule 2 to that Act.”.

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Source: https://www.legislation.gov.uk/uksi/2001/3649/article/486 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-486
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.