# The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, Article 552: Interpretation of the 1997 Regulations

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

(1) In paragraph (2) of regulation 1 of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 (citation, commencement and interpretation), for the definition of “reference banks” substitute—
““reference banks” means the four 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 applicable to sterling deposits;”.
(2) 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.”.

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Source: https://www.legislation.gov.uk/uksi/2001/3649/article/552 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-552
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.