http://www.legislation.gov.uk/ukpga/2013/33/part/3/2023-02-07Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2023-02-07 PART 3 Bail-in stabilisation optionBail-in stabilisation option171Schedule 2 (which contains amendments relating to a new stabilisation option in Part 1 of the Banking Act 2009) has effect.2The Treasury may by order make any provision they consider appropriate in consequence of the application to building societies of the amendments made by this Part.3An order may, in particular—aenable the Bank of England, for the purpose of enabling it to exercise in relation to the business of a building society any of the powers exercisable as a result of the amendments made by this Part—ito convert the building society into a company, oriito transfer the business of the building society to a company which immediately before the transfer is owned by the Bank or by a person of a description specified in the order;benable the Bank of England, in connection with the exercise of a power conferred by virtue of paragraph (a), to cancel membership rights or shares in the building society;cprovide for any power exercisable as a result of the amendments made by this Part to be exercisable in relation to the company—iinto which the building society is converted, oriito which the business of the building society is transferred;denable the Bank of England, in a case where it has transferred the business of a building society by virtue of paragraph (a)(ii), to dissolve the building society at any time after the transfer;econfer functions on the Treasury, the Bank of England, the FCA, the PRA or a resolution administrator;fmake further amendments of Part 1 of the Banking Act 2009;gamend or modify the effect of the Building Societies Act 1986 or any other enactment to which this subsection applies.4Subsection (3) applies to any enactment (including a fiscal enactment) passed or made—abefore the passing of this Act, orbon or before the last day of the Session in which this Act is passed.5In this section—. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .building society” has the same meaning as in section 84 of the Banking Act 2009;company” means a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares. “resolution administrator” is to be read in accordance with sections 62B to 62E of the Banking Act 2009. S. 17 in force at 1.3.2014 for specified purposes by S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2S. 17 in force at 31.12.2014 in so far as not already in force by S.I. 2014/3160, art. 2(1)(b)S. 17(5) definition of “bail-in administrator” omitted (10.1.2015) by virtue of The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 6(b)(i)S. 17(5) definition of “resolution administrator” inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 6(b)(ii)Words in s. 17(3)(e) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 6(a)
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<Title>Bail-in stabilisation option</Title>
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<Title>Bail-in stabilisation option</Title>
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<Text>Schedule 2 (which contains amendments relating to a new stabilisation option in Part 1 of the Banking Act 2009) has effect.</Text>
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<Text>The Treasury may by order make any provision they consider appropriate in consequence of the application to building societies of the amendments made by this Part.</Text>
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<Text>An order may, in particular—</Text>
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<Pnumber>a</Pnumber>
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<Text>enable the Bank of England, for the purpose of enabling it to exercise in relation to the business of a building society any of the powers exercisable as a result of the amendments made by this Part—</Text>
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<Text>provide for any power exercisable as a result of the amendments made by this Part to be exercisable in relation to the company—</Text>
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<Pnumber>d</Pnumber>
<P3para>
<Text>enable the Bank of England, in a case where it has transferred the business of a building society by virtue of paragraph (a)(ii), to dissolve the building society at any time after the transfer;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/17/3/e/2023-02-07" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/3/e" id="section-17-3-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
confer functions on the Treasury, the Bank of England, the FCA, the PRA or a
<Substitution ChangeId="key-ce545915e6ff2ec4429cff840c07b82f-1489703611125" CommentaryRef="key-ce545915e6ff2ec4429cff840c07b82f">resolution administrator</Substitution>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/17/3/f/2023-02-07" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/3/f" id="section-17-3-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>make further amendments of Part 1 of the Banking Act 2009;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/17/3/g/2023-02-07" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/3/g" id="section-17-3-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>amend or modify the effect of the Building Societies Act 1986 or any other enactment to which this subsection applies.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/17/4/2023-02-07" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/4" id="section-17-4" RestrictStartDate="2014-03-01">
<Pnumber>4</Pnumber>
<P2para>
<Text>Subsection (3) applies to any enactment (including a fiscal enactment) passed or made—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/17/4/a/2023-02-07" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/4/a" id="section-17-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>before the passing of this Act, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/17/4/b/2023-02-07" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/4/b" id="section-17-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>on or before the last day of the Session in which this Act is passed.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/17/5/2023-02-07" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/5" id="section-17-5" RestrictStartDate="2014-03-01">
<Pnumber>5</Pnumber>
<P2para>
<Text>In this section—</Text>
<UnorderedList Decoration="none" Class="Definition">
<ListItem>
<Para>
<Text>
<CommentaryRef Ref="key-354c17b090149e9233023ed54aec99df"/>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-building-society">building society</Term>
” has the same meaning as in section 84 of the Banking Act 2009;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-company">company</Term>
” means a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares.
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-cc078d97971341a9c1b72776e253854c-1489703577599" CommentaryRef="key-cc078d97971341a9c1b72776e253854c">“resolution administrator” is to be read in accordance with sections 62B to 62E of the Banking Act 2009.</Addition>
</Text>
</Para>
</ListItem>
</UnorderedList>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="key-b15418abb0d1764a1d80b0b89b36c010" Type="I">
<Para>
<Text>
S. 17 in force at 1.3.2014 for specified purposes by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/377" id="cygub5wu1-01417" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="377" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014">S.I. 2014/377</Citation>
,
<CitationSubRef id="cygub5wu1-01418" CitationRef="cygub5wu1-01417" URI="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/b" SectionRef="article-2-1-b">art. 2(1)(b)</CitationSubRef>
,
<CitationSubRef id="cygub5wu1-01419" CitationRef="cygub5wu1-01417" URI="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/2" SectionRef="schedule-part-2" Operative="true">Sch. Pt. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-82c5fac34c607b4a7d43c067048475fc" Type="I">
<Para>
<Text>
S. 17 in force at 31.12.2014 in so far as not already in force by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/3160" id="chz68fnc2-00017" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="3160" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 7) Order 2014">S.I. 2014/3160</Citation>
,
<CitationSubRef id="chz68fnc2-00018" CitationRef="chz68fnc2-00017" URI="http://www.legislation.gov.uk/id/uksi/2014/3160/article/2/1/b" SectionRef="article-2-1-b" Operative="true">art. 2(1)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-354c17b090149e9233023ed54aec99df" Type="F">
<Para>
<Text>
S. 17(5) definition of “bail-in administrator” omitted (10.1.2015) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/3348" id="chz81pm72-00007" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="3348" Title="The Bank Recovery and Resolution (No. 2) Order 2014">The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348)</Citation>
,
<CitationSubRef id="chz81pm72-00008" CitationRef="chz81pm72-00007" URI="http://www.legislation.gov.uk/id/uksi/2014/3348/article/1/2" SectionRef="article-1-2">art. 1(2)</CitationSubRef>
,
<CitationSubRef id="chz81pm72-00009" CitationRef="chz81pm72-00007" URI="http://www.legislation.gov.uk/id/uksi/2014/3348/schedule/3/paragraph/6/b/i" SectionRef="schedule-3-paragraph-6-b-i" Operative="true">Sch. 3 para. 6(b)(i)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-cc078d97971341a9c1b72776e253854c" Type="F">
<Para>
<Text>
S. 17(5) definition of “resolution administrator” inserted (10.1.2015) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/3348" id="chz81pm72-00016" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="3348" Title="The Bank Recovery and Resolution (No. 2) Order 2014">The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348)</Citation>
,
<CitationSubRef id="chz81pm72-00017" CitationRef="chz81pm72-00016" URI="http://www.legislation.gov.uk/id/uksi/2014/3348/article/1/2" SectionRef="article-1-2">art. 1(2)</CitationSubRef>
,
<CitationSubRef id="chz81pm72-00018" CitationRef="chz81pm72-00016" URI="http://www.legislation.gov.uk/id/uksi/2014/3348/schedule/3/paragraph/6/b/ii" SectionRef="schedule-3-paragraph-6-b-ii" Operative="true">Sch. 3 para. 6(b)(ii)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-ce545915e6ff2ec4429cff840c07b82f" Type="F">
<Para>
<Text>
Words in s. 17(3)(e) substituted (10.1.2015) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/3348" id="chz81pm72-00025" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="3348" Title="The Bank Recovery and Resolution (No. 2) Order 2014">The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348)</Citation>
,
<CitationSubRef id="chz81pm72-00026" CitationRef="chz81pm72-00025" URI="http://www.legislation.gov.uk/id/uksi/2014/3348/article/1/2" SectionRef="article-1-2">art. 1(2)</CitationSubRef>
,
<CitationSubRef id="chz81pm72-00027" CitationRef="chz81pm72-00025" URI="http://www.legislation.gov.uk/id/uksi/2014/3348/schedule/3/paragraph/6/a" SectionRef="schedule-3-paragraph-6-a" Operative="true">Sch. 3 para. 6(a)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>