OpenLegislation

Bank of England and Financial Services Act 2016

2016 c. 14 · Enacted 4 May 2016 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 7 December 2021.

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ProvisionChangeMade by
specified provision(s)amendment to earlier commencing S.I. 2019/1136The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 reg. 2
An Act to make provision about the Bank of England; to make provision about the regulation of financial services; to make provision about the issue of banknotes; and for connected purposes.[4th May 2016]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. Part 1: The Bank of England
  2. Governance
  3. 1Membership of court of directors
  4. 2Term of office of non-executive directors
  5. 3Abolition of Oversight Committee
  6. 4Functions of non-executive directors
  7. 5Financial stability strategy
  8. 6Financial Policy Committee: status and membership
  9. 7Monetary Policy Committee: membership
  10. 8Monetary Policy Committee: procedure
  11. Financial arrangements
  12. 9Audit
  13. 10Activities indemnified by Treasury
  14. 11Examinations and reviews
  15. Prudential regulation
  16. 12Bank to act as Prudential Regulation Authority
  17. 13Prudential Regulation Committee
  18. 14Accounts relating to Bank's functions as Prudential Regulation Authority
  19. 15Transfer of property etc to Bank
  20. Consequential and transitional provision
  21. 16Amendments relating to Part 1
  22. 17Saving and transitional provision relating to Part 1
  23. Part 2: Financial services
  24. The regulators
  25. 18Appointment of Financial Conduct Authority chief executive
  26. 19Treasury recommendations to Financial Conduct Authority
  27. 20Regulatory principles: diversity
  28. Conduct of persons working in financial services sector
  29. 21Extension of relevant authorised persons regime to all authorised persons
  30. 22Rules about controlled functions: power to make transitional provision
  31. 23Administration of senior managers regime
  32. 24Rules of conduct
  33. 25Misconduct
  34. 26Decisions causing a financial institution to fail: meaning of insolvency
  35. Enforceability of agreements
  36. 27Enforceability of agreements relating to credit
  37. 28Enforceability of agreements made through unauthorised persons
  38. Illegal money lending
  39. 29Illegal money lending
  40. Money laundering and terrorist financing Not yet in force
  41. 30Money laundering and terrorist financing Not yet in force
  42. Transformer vehicles
  43. 31Transformer vehicles
  44. Pensions
  45. 32Pensions guidance Repealed
  46. 33Advice about transferring or otherwise dealing with annuity payments
  47. 34Independent advice on conversions and transfers of pension benefits: appointed representatives
  48. 35Early exit pension charges
  49. Information about resolution planning
  50. 36Duty of Bank to provide information to Treasury
  51. Financial Services and Markets Act 2000 consequential amendments
  52. 37Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001
  53. Part 3: Miscellaneous and general
  54. Banknotes in Scotland and Northern Ireland
  55. 38Banks authorised to issue banknotes in Scotland and Northern Ireland
  56. General
  57. 39Consequential provision
  58. 40Extent
  59. 41Commencement
  60. 42Short title
  61. Schedule 1: Prudential Regulation Committee
  62. Schedule 2: Amendments relating to Part 1
  63. Part 1: Bank of England Act 1998
  64. 1Paragraph 1
  65. 2Paragraph 2
  66. 3Paragraph 3
  67. 4Paragraph 4
  68. 5Paragraph 5
  69. 6Paragraph 6
  70. 7Paragraph 7
  71. 8Paragraph 8
  72. 9Paragraph 9
  73. 10Paragraph 10
  74. 11Paragraph 11
  75. 12Paragraph 12
  76. 13Paragraph 13
  77. 14Paragraph 14
  78. 15Paragraph 15
  79. 16Paragraph 16
  80. 17Paragraph 17
  81. 18Paragraph 18
  82. 19Paragraph 19
  83. 20Paragraph 20
  84. 21Paragraph 21
  85. 22Paragraph 22
  86. Part 2: Other Acts
  87. Bank of England Act 1946 (c. 27)
  88. 23Paragraph 23
  89. House of Commons Disqualification Act 1975 (c. 24)
  90. 24Paragraph 24
  91. Northern Ireland Assembly Disqualification Act 1975 (c. 25)
  92. 25Paragraph 25
  93. Financial Services and Markets Act 2000 (c. 8)
  94. 26Paragraph 26
  95. 27Paragraph 27
  96. 28Paragraph 28
  97. 29Paragraph 29
  98. 30Paragraph 30
  99. 31Paragraph 31
  100. 32Paragraph 32
  101. 33Paragraph 33
  102. 34Paragraph 34
  103. 35Paragraph 35
  104. 36Paragraph 36
  105. 37Paragraph 37
  106. 38Paragraph 38
  107. 39Paragraph 39
  108. 40Paragraph 40
  109. 41Paragraph 41
  110. 42Paragraph 42
  111. 43Paragraph 43
  112. 44Paragraph 44
  113. 45Paragraph 45
  114. 46Paragraph 46
  115. 47Paragraph 47
  116. 48Paragraph 48
  117. 49Paragraph 49
  118. 50Paragraph 50
  119. 51Paragraph 51
  120. Banking Act 2009 (c. 1)
  121. 52Paragraph 52
  122. 53Paragraph 53
  123. 54Paragraph 54
  124. 55Paragraph 55
  125. 56Paragraph 56
  126. 57Paragraph 57
  127. 58Paragraph 58
  128. 59Paragraph 59
  129. 60Paragraph 60
  130. 61Paragraph 61
  131. 62Paragraph 62
  132. 63Paragraph 63
  133. Financial Services Act 2012 (c. 21)
  134. 64Paragraph 64
  135. 65Paragraph 65
  136. 66Paragraph 66
  137. Financial Services (Banking Reform) Act 2013 (c. 33)
  138. 67Paragraph 67
  139. Repeals
  140. 68Paragraph 68
  141. Schedule 3: Saving and transitional provision relating to Part 1
  142. Interpretation
  143. 1Paragraph 1
  144. Saving for orders under section 2A(6)(d) of the Financial Services and Markets Act 2000
  145. 2Paragraph 2
  146. Prudential regulation strategy
  147. 3Paragraph 3
  148. Prudential regulation budget
  149. 4Paragraph 4
  150. Annual report
  151. 5Paragraph 5
  152. Information
  153. 6Paragraph 6
  154. Corporation tax: intangible assets
  155. 7Paragraph 7
  156. Construction of enactments
  157. 8Paragraph 8
  158. Construction of other documents
  159. 9Paragraph 9
  160. Continuity: general provision
  161. 10Paragraph 10
  162. 11Paragraph 11
  163. 12Paragraph 12
  164. Schedule 4: Extension of relevant authorised persons regime to all authorised persons
  165. Amendments of Financial Services and Markets Act 2000
  166. 1Paragraph 1
  167. 2Paragraph 2
  168. 3Paragraph 3
  169. 4Paragraph 4
  170. 5Paragraph 5
  171. 6Paragraph 6
  172. 7Paragraph 7
  173. 8Paragraph 8
  174. 9Paragraph 9
  175. 10Paragraph 10
  176. 11Paragraph 11
  177. 12Paragraph 12
  178. 13Paragraph 13
  179. 14Paragraph 14
  180. 15Paragraph 15
  181. 16Paragraph 16
  182. 17Paragraph 17
  183. 18Paragraph 18
  184. 19Paragraph 19
  185. 20Paragraph 20
  186. 21Paragraph 21
  187. Consequential amendments of Financial Services (Banking Reform) Act 2013
  188. 22Paragraph 22