The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Enforcement

498.  In regulation 49 of the Credit Institutions (Protection of Depositors) Regulations 1995—

(a) in paragraph (2)—

(i) for “participating non-EEA institution”, substitute “building society”;

(ii) for “subsection (2) of section 12 of the 1987 Act (restriction of authorisation)”, substitute “subsection (1) of section 45 of the 2000 Act (Variation etc. on the Authority’s own initiative)”;

(iii) for “(b) to the protection of the institution’s depositors or potential depositors”, substitute “(c) to the interests of consumers or potential consumers”;

(iv) in sub-paragraph (a), after “institution”, insert “or building society”;

(b) in paragraph (3)—

(i) for “the Deposit Protection Board” and “that Board”, substitute “the scheme manager”;

(ii) for “participating non-EEA institution”, substitute “building society”;

(iii) for “11 or 12 of the 1987 Act”, substitute “45 of the 2000 Act”;

(c) for paragraph (4), substitute—

“(4) In this regulation, “unpaid contribution”, in relation to an institution or building society, means any amount required to be paid by the institution or society by way of a levy imposed in accordance with the Financial Services Compensation Scheme, and which remains unpaid after the last day on which payment falls due, as determined by or in accordance with that Scheme.”.