Article 552 Interpretation of the 1997 RegulationsI1

In paragraph (2) of regulation 1 of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 (citation, commencement and interpretation)^f1, for the definition of “reference banks” substitute—

• ““reference banks” means the four largest persons for the time being who—

  1. (a)

     have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

  2. (b)

     are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

  3. (c)

     quote a base rate applicable to sterling deposits;”.

After that paragraph insert—

“(2A)

The definition of “reference banks” in paragraph (2) 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.”.