{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-540",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-540.json",
  "legislation": "uksi/2001/3649",
  "legislation_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001",
  "path": "article/540",
  "kind": "article",
  "number": "540",
  "heading": "Payment of interest on late paid benefit",
  "text": "(1) For paragraph (2)(b) of regulation 6 of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 (payment of interest on late paid benefit), substitute—\n“(b) “reference banks” means the four largest persons for the time being who—\n(i) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,\n(ii) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and\n(iii) quote a base rate applicable to sterling deposits.”.\n(2) After paragraph (2) of that regulation insert—\n“(3) Paragraph (2)(b) must be read with—\n(a) section 22 of the Financial Services and Markets Act 2000;\n(b) any relevant order under that section; and\n(c) Schedule 2 to that Act.”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Art. 540 in force at 1.12.2001, see art. 1"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "Regulation 6(2) was amended by S.I. 1998/1129."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/3649/article/540",
    "retrieved_at": "2026-10-29T07:23:30.014012+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."
}