UK Act of Parliament
2016
United Kingdom
Bank of England and Financial Services Act 2016
At a glance
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.
Schedules
Browse 102 other Schedules — structural / supplementary
Omit section 7A(9)(a) (definition of “qualifying company”).
In section 9B(4) (Financial Policy Committee) for “Oversight Committee” substitute...
In section 9O (FPC recommendations within the Bank), after subsection...
(1) Section 9Y (directions requiring information or documents) is amended...
(1) Section 9Z (further provisions about directions under section 9Y)...
In section 14 (publications of statements about decisions)—
(1) Section 16 (functions of Oversight Committee) is amended as...
In section 18(6) (reports) after “as soon as” insert “...
In section 40(2) (orders) after “under—” insert— “ section 1A(1),...
(1) Schedule 1 (court of directors) is amended as follows....
In section 2 (functions of court of directors), for subsection...
(1) Schedule 2A (Financial Policy Committee) is amended as follows....
(1) Schedule 3 (Monetary Policy Committee) is amended as follows....
(1) Schedule 7 (restriction on disclosure of information) is amended...
In section 4(1) of the Bank of England Act 1946...
In Part 3 of Schedule 1 to the House of...
In Part 3 of Schedule 1 to the Northern Ireland...
The Financial Services and Markets Act 2000 is amended as...
Omit section 2O (independent reviews of PRA).
Omit section 2P (right to obtain documents etc for purposes...
In section 3C (duty to follow principles of good governance),...
In section 2A(2) (financial stability objective) for “, the Financial...
(1) Section 3Q (co-operation by FCA and PRA with Bank...
In section 3R(2) (arrangements for provision of services by and...
After section 3S insert— Interpretation Interpretation In this Part “enactment” includes— (a) an enactment contained in...
(1) Section 137J (rules about recovery plans) is amended as...
(1) Section 137K (rules about resolution packs) is amended as...
(1) Section 138F (notification of rules) is amended as follows....
(1) Section 165 (regulators' power to require information: authorised persons...
(1) Section 165A (PRA's power to require information: financial stability)...
In section 187A(5A) (assessment: consultation by PRA with FCA) for...
(1) Section 189 (assessment procedure) is amended as follows.
(1) Section 3A (oversight functions) is amended as follows.
In section 190(1A) (requests for further information), after “189(1A)” insert...
In section 192F(3) (consultation between regulators)— (a) for “either regulator”...
In section 192I(1)(a) (statement of policy relating to directions) after...
In section 285A(3)(a) (which introduces Part 1 of Schedule 17A)...
In section 345A (PRA disciplinary measures) omit subsection (6).
(1) Section 348 (restrictions on disclosure of confidential information) is...
(1) Section 353A (restriction on disclosing information received from Bank)...
In section 354B(2) (PRA's duty to co-operate) for the words...
Omit section 354C (PRA's general duty to provide information to...
In section 417(1) (definitions) after the definition of “authorised person”...
(1) Section 3C (reviews) is amended as follows.
(1) Schedule 1ZB (Prudential Regulation Authority) is amended as follows....
(1) Schedule 17A (exercise of Part 18 functions by Bank...
The Banking Act 2009 is amended as follows.
In section 83ZZ (co-operation)— (a) at the end of paragraph...
(1) Section 83Z1 (delegation of enforcement functions) is amended as...
In section 89L(2)(c)(i) (application of section 348 of Financial Services...
(1) Section 96 (ground for applying for bank insolvency order)...
(1) Section 108 (removal of bank liquidator by court) is...
In section 117(2)(a) (consents required for making of bank insolvency...
(1) In section 129A (modifications for banks not regulated by...
In section 3D(1) (publication of reports of performance reviews) for...
Omit section 204(4)(ba) (Bank may disclose information to PRA).
Omit section 246(2)(b) (Bank may disclose information to PRA).
Before section 257 insert— Bank of England” and “Prudential Regulation...
In section 261 (index of defined terms), at the appropriate...
The Financial Services Act 2012 is amended as follows.
In section 85(8) (definition of relevant functions) for “2A(6)” substitute...
(1) Section 117 (interpretation) is amended as follows.
In section 98(5)(d) of the Financial Services (Banking Reform) Act...
The following provisions are repealed. Short title and chapter Extent...
In section 3E(2) (recommendations resulting from review) for “Oversight Committee”...
(1) Section 3F (oversight: further provisions) is amended as follows....
(1) Section 4 (annual report by the Bank) is amended...
In this Schedule— “the Bank” means the Bank of England;...
(1) The transfer of functions from the company to the...
(1) Sub-paragraph (2) applies to anything that—
There may be continued by or in relation to the...
An order made under section 2A(6)(d) of the Financial Services...
(1) Sub-paragraph (2) applies to the strategy determined by the...
(1) Sub-paragraph (2) applies to the budget adopted by the...
(1) Sub-paragraphs (2) and (3) apply to the first report...
(1) The company may disclose to the Bank any information...
(1) This paragraph applies for the purposes of Part 8...
(1) Section 2A(1) and (3) of the Financial Services and...
(1) Sub-paragraph (2) applies to any provision in a document...
The Financial Services and Markets Act 2000 is amended as...
(1) Section 63ZB (variation of senior manager's approval on initiative...
(1) Section 63E (certification of employees by relevant authorised persons)...
(1) Section 63F (issuing of certificates) is amended as follows....
(1) Section 64A (rules of conduct) is amended as follows....
(1) Section 64B (conduct rules) is amended as follows.
(1) Section 64C (requirement to notify regulator of disciplinary action)...
(1) Section 66A (misconduct: action by FCA) is amended as...
(1) Section 66B (misconduct: action by PRA) is amended as...
Omit section 71A (meaning of “relevant authorised person”).
(1) Section 347 (record of authorised persons etc) is amended...
(1) Section 59 (approval for particular arrangements) is amended as...
In section 415B(5) (consultation in relation to enforcement action), in...
In section 429(1)(a) (orders subject to affirmative resolution procedure) omit...
(1) The Financial Services (Banking Reform) Act 2013 is amended...
After section 59ZA insert— Designated senior management functions For the purposes of this Part the following are “designated...
(1) Section 60 (applications for approval) is amended as follows....
(1) Section 60A (vetting of candidates by relevant authorised persons)...
(1) Section 61 (determination of applications) is amended as follows....
In section 62A(4) (changes in responsibilities of senior managers -...
In section 63(2A) (authorised person's duty to review approvals)—
In the heading of section 63ZA (variation of senior manager's...
Browse 42 other sections — procedural / definitional / commencement
Membership of court of directors
Term of office of non-executive directors
Abolition of Oversight Committee
Functions of non-executive directors
Financial stability strategy
Financial Policy Committee: status and membership
Monetary Policy Committee: membership
Monetary Policy Committee: procedure
Audit
Activities indemnified by Treasury
Examinations and reviews
Bank to act as Prudential Regulation Authority
Prudential Regulation Committee
Accounts relating to Bank's functions as Prudential Regulation Authority
Transfer of property
Amendments relating to Part 1
Saving and transitional provision relating to Part 1
Appointment of Financial Conduct Authority chief executive
Treasury recommendations to Financial Conduct Authority
Regulatory principles: diversity
Extension of relevant authorised persons regime to all authorised persons
Rules about controlled functions: power to make transitional provision
Administration of senior managers regime
Rules of conduct
Misconduct
Decisions causing a financial institution to fail: meaning of insolvency
Enforceability of agreements relating to credit
Enforceability of agreements made through unauthorised persons
Illegal money lending
Money laundering and terrorist financing
Transformer vehicles
Pensions guidance
Advice about transferring or otherwise dealing with annuity payments
Independent advice on conversions and transfers of pension benefits: appointed representatives
Early exit pension charges
Duty of Bank to provide information to Treasury
Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001
Banks authorised to issue banknotes in Scotland and Northern Ireland
Consequential provision
Extent
Commencement
Short title
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
FCA
PrimaryFinancial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
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. …
Connected legislation
4 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (4)
- The Bank of England and Financial Services Act 2016 (Commencement No. 4 and Saving Provision) Regulations 2017 2017
- The Bank of England and Financial Services Act 2016 (Commencement No. 5 and Transitional Provisions) Regulations 2018 2018
- The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 2020
- The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019 2019
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Regulators
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