- Latest available (Revised)
- Original (As enacted)
Financial Services Act 2012, Section 57A is up to date with all changes known to be in force on or before 16 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
(1)The Treasury may by notice in writing require the Bank of England to provide it with information specified, or of a description specified, in the notice.
(2)The information must be information which the Treasury consider is material to the Bank's assessment of the implications for public funds of a bank, building society, credit union [F2, recognised central counterparty] or investment firm failing.
(3)The information must be provided before the end of such reasonable period as may be specified in the notice.
(4)The Bank's duty to provide information under this section does not apply to information which the Bank does not have in its possession.
(5)For the purposes of this section, the cases in which a bank, building society, credit union [F3, recognised central counterparty] or investment firm (“the institution”) is to be regarded as failing include those where—
(a)the institution enters insolvency,
(b)any of the stabilisation options in Part 1 of the Banking Act 2009 [F4or in Schedule 11 to the Financial Services and Markets Act 2023] is achieved in relation to the institution, or
(c)the institution falls to be taken for the purposes of the Financial Services Compensation Scheme (within the meaning given by section 213 of FSMA 2000) to be unable, or likely to be unable, to satisfy claims against the institution.
(6)In subsection (5)(a) “insolvency” includes—
(a)bankruptcy;
(b)liquidation;
(c)bank insolvency;
(d)building society insolvency;
(e)investment bank insolvency;
(f)administration;
(g)bank administration;
(h)building society special administration;
(i)receivership;
(j)a composition between the institution and the institution's creditors;
(k)a scheme of arrangement of the institution's affairs.
(7)For the purposes of this section—
“bank” has the meaning given by section 2 of the Banking Act 2009,
“bank administration” has the same meaning as in that Act (see section 136 of that Act),
“bank insolvency” has the same meaning as in that Act (see section 90 of that Act),
“building society”, “building society insolvency” and “building society special administration” have the same meaning as in the Building Societies Act 1986 (see section 119 of that Act),
“credit union” means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985,
“investment bank insolvency” means any procedure established by regulations under section 233 of the Banking Act 2009,
“investment firm” has the same meaning as in that Act (see section 258A of that Act),
“public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury,
[F5“recognised central counterparty” has the meaning given by section 285 of FSMA 2000,]
and an event has implications for public funds if it would or might involve or lead to a need for the application of public funds.]
Textual Amendments
F1S. 57A - S. 57B inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 36(2), 41(3); S.I. 2016/627, reg. 2(1)(aa)
F2Words in s. 57A(2) inserted (31.12.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 163(2)(a); S.I. 2023/1382, reg. 8(b)
F3Words in s. 57A(5) inserted (31.12.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 163(2)(b); S.I. 2023/1382, reg. 8(b)
F4Words in s. 57A(5)(b) inserted (31.12.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 163(2)(c); S.I. 2023/1382, reg. 8(b)
F5Words in s. 57A(7) inserted (31.12.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 163(2)(d); S.I. 2023/1382, reg. 8(b)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: