6(1)Section 55 of the Financial Services Act 1986 (clients’ money) is amended as follows.
(2)In subsection (2)(b) and (e) omit the words “a member of a recognised self-regulating organisation or” and “organisation or”.
(3)In subsection (3) omit the words “organisation or”.
(4)After subsection (5) insert—
“(6)Section 63A below (application of designated regulations) has effect as regards the application of regulations under this section to members of recognised self-regulating organisations in respect of investment business in the carrying on of which they are subject to the rules of the organisation.”.
Modifications etc. (not altering text)
C1Sch. 23 para. 6 restricted by S.I. 1990/354, art. 6(4)