UK Act of Parliament 2013 United Kingdom

Financial Services (Banking Reform) Act 2013 (strengthened depositor protection)

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At a glance

Enforced by

FCA, PRA, PSR

What's here

35 compliance obligations, 2 practical guides · 21 statutory instruments

Penalty landscape

2 of 35 obligations carry up to 2 years imprisonment. 2 carry different penalties and 31 have no criminal penalty — flagged in the list below.

Who this Act binds

Business-side actors with duties under this Act, ranked by how often they appear.

  • Any Person 6
  • Director or Officer 2
  • Trader 1
  • Applicant 1
  • Responsible Person 1

Plus 24 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.

Relevant guidance

Practical guides for businesses affected by this Act, ordered by how closely they engage with it.

Direct — cites this Act

1 guides

Mentioned in related content

1 guides

Other Acts binding the same actors

For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.

Any Person also bound by 749 other Acts (top 5 shown)
Directors and Officers also bound by 224 other Acts (top 5 shown)
Traders also bound by 219 other Acts (top 5 shown)
Applicants also bound by 146 other Acts (top 5 shown)
Responsible Persons also bound by 56 other Acts (top 5 shown)

What this Act requires

Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.

Part 1 — Ring-fencing

s.010

Independent review of proprietary trading

Other duties (1) — Crown / regulator
  • The Treasury must appoint an independent panel to review proprietary trading Crown / Minister / Government department
Browse 7 other sections in this Part — procedural / definitional / commencement

Part 2 — Depositor preference and the Financial Services Compensation Scheme

Browse 4 other sections in this Part — procedural / definitional / commencement

Part 3 — Bail-in stabilisation option

Browse 1 other section in this Part — procedural / definitional / commencement

Part 4 — Conduct of persons working in financial services sector

s.026

Variation of approval

  • Apply to change or remove conditions on your senior manager approval Any Person
s.038

Institution of proceedings

Other duties (1) — Crown / regulator
  • Regulators and Treasury must follow specific rules when starting prosecutions Statutory regulator
Browse 18 other sections in this Part — procedural / definitional / commencement

Part 5 — Regulation of payment systems

s.044

Designation criteria

Other duties (1) — Crown / regulator
  • The Treasury must follow specific criteria when designating a payment system Crown / Minister / Government department
s.045

Procedure

Other duties (1) — Crown / regulator
  • HM Treasury must consult and notify before designating a payment system Crown / Minister / Government department
s.046

Amendment of designation order

Other duties (1) — Crown / regulator
  • The Treasury must consult and notify before amending payment system orders Crown / Minister / Government department
s.047

Revocation of designation orders

Other duties (1) — Crown / regulator
  • HM Treasury must follow specific steps to revoke a payment system designation Crown / Minister / Government department
s.048

Publication

Other duties (1) — Crown / regulator
  • The Treasury must publish payment system designation orders Crown / Minister / Government department
s.070

Complaints: guidance

Other duties (1) — Crown / regulator
  • Payment Systems Regulator must provide guidance on making complaints Statutory regulator
s.074

Warning notices

Other duties (1) — Crown / regulator
  • PSR must issue a warning notice before imposing sanctions Statutory regulator
s.084

Investigations: general

Other duties (1) — Crown / regulator
  • Payment Systems Regulator must notify businesses of investigations Statutory regulator
s.097

Treasury approval

Other duties (1) — Crown / regulator
  • Treasury must approve or reject PSR standards instruments within four weeks Crown / Minister / Government department
s.099

Memorandum of understanding

Other duties (1) — Crown / regulator
  • Financial regulators must maintain and publish a cooperation agreement Statutory regulator
s.102

Recommendations by Treasury in connection with general duties

Amended 2 times
s.102

Matters to consider when imposing generally applicable requirements

Amended 2 times
s.104

Requirements in connection with public consultations

Amended 8 times
s.104

Duty of Regulator to review generally applicable requirements

Amended 8 times
Other duties (1) — Crown / regulator
  • PSR must regularly review its requirements Statutory regulator
s.104

Statement of policy relating to review of requirements

Amended 8 times
Other duties (1) — Crown / regulator
  • PSR must publish policy on how it reviews payment system requirements Statutory regulator
s.104

Requirement to review specified requirements

Amended 8 times
s.104

Report on certain reviews

Amended 8 times
Other duties (1) — Crown / regulator
  • Payment Systems Regulator must report to the Treasury on requirement reviews Statutory regulator
s.104

Power of Treasury to require the imposition of generally applicable requirements

Amended 8 times
s.104

Consultation with the FCA Cost Benefit Analysis Panel

Amended 8 times
s.104

Statement of policy in relation to cost benefit analyses

Amended 8 times
s.104

Statement of policy on panel appointments

Amended 8 times
Other duties (1) — Crown / regulator
  • Payment Systems Regulator must publish policy on panel appointments Statutory regulator
s.107

International trade obligations

Amended 1 time
Other duties (1) — Crown / regulator
  • PSR must notify Treasury of risks to international trade obligations Statutory regulator
Browse 50 other sections in this Part — procedural / definitional / commencement
s.097

Technical standards

s.097

Standards instruments

s.097

Application of section 104 of this Act and Part 9A of the Financial Services and Markets Act 2000

Part 6 — Special administration for operators of certain infrastructure systems

s.124

Powers of Bank to participate in Part 26A proceedings

Amended 1 time
  • Notify Bank of England before restructuring an infrastructure company Applicant
Browse 1 other section in this Part — procedural / definitional / commencement

Part 7 — Miscellaneous

Browse 1 other section in this Part — procedural / definitional / commencement

Part 8 — Final provisions

Browse 5 other sections in this Part — procedural / definitional / commencement

Schedules

Browse 10 other Schedules — structural / supplementary
Read the full Act on legislation.gov.uk (opens in a new tab)

Official guidance

Authoritative sources published by regulators or government explaining this legislation.

Enforcement and responsible bodies

The regulators that administer or enforce this legislation.

FCA

Primary

Financial Conduct Authority

Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …

PRA

Prudential Regulation Authority

Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …

PSR

Payment Systems Regulator

Economic regulator for payment systems in the UK. Promotes competition, innovation, and service-user interests in payment systems. Regulates participants in designated payment …

Connected legislation

21 statutory instruments

These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.

Secondary legislation (21)

+ 6 more statutory instruments

Explore more

Browse legislation

Find other UK business legislation with related guidance.

Regulators

Learn more about the bodies that enforce this legislation.