- Latest available (Revised)
- Point in Time (01/10/1992)
- Original (As enacted)
Version Superseded: 18/07/1996
Point in time view as at 01/10/1992.
There are currently no known outstanding effects for the Banking Act 1987 (repealed), Cross Heading: Accounts and auditors.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)An authorised institution shall at each of its offices in the United Kingdom at which it holds itself out as accepting deposits—
(a)keep a copy of its most recent audited accounts; and
(b)during normal business hours make that copy available for inspection by any person on request.
(2)An institution which fails to comply with paragraph (a) of subsection (1) above or with any request made in accordance with paragraph (b) of that subsection shall be guilty of an offence and liable on summary conviction to a fine not exceeding the fifth level on the standard scale.
(3)In the case of an institution incorporated in the United Kingdom the accounts referred to in subsection (1) above include the auditors’ report on the accounts and, in the case of any other institution whose accounts are audited, the report of the auditors.
Modifications etc. (not altering text)
C1S. 45 modified (02.12.1991) by S.I. 1991/2704, reg. 5(4)
C2S. 45 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para.11.
(1)An authorised institution incorporated in the United Kingdom shall forthwith give written notice to the Bank if the institution—
(a)proposes to give special notice to its shareholders of an ordinary resolution removing an auditor before the expiration of his term of office; or
(b)gives notice to its shareholders of an ordinary resolution replacing an auditor at the expiration of his term of office with a different auditor,
or if a person ceases to be an auditor of the institution otherwise than in consequence of such a resolution.
(2)An auditor of an authorised institution [F1appointed under Chapter V of Part XI] of the M1Companies Act 1985 shall forthwith give written notice to the Bank if he—
(a)resigns before the expiration of his term of office;
(b)does not seek to be re-appointed; or
(c)decides to include in his report on the institution’s accounts any qualification as to a matter mentioned in [F2section 235(2)] or any statement pursuant to [F2section 235(3) or section 237] of that Act.
(3)The foregoing provisions of this section shall apply to a former authorised institution as they apply to an authorised institution.
(4)In the application of subsection (2) above to Northern Ireland for the references to [F3Chapter V of Part XI and sections][F4235(2) and 235(3) and 237] of the Companies Act 1985 there shall be substituted references to [F5[F6Chapter V of Part XII and Articles], 243(2), 243(3) and 245] of the Companies (Northern Ireland) Order 1986.
(5)An institution or auditor who fails to comply with this section shall be guilty of an offence and liable on summary conviction to a fine not exceeding the fifth level on the standard scale.
Textual Amendments
F1Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 119(3) (the substitution being in force 1.4.1990 subject to transitional and saving provisions referred to in art. 4(a) of S.I. 1990/355)
F2Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 23, Sch. 10 para. 37(2)
F3Words substituted (1.4.1990 subject to the transitional and saving provisions referred to in art. 4(a) of S.I. 1990/355) for the words “sections 384” by Companies Act 1989 (c. 40, SIF 27), s. 119(3)
F4Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 23, Sch. 10 para. 37(2)
F5Words substituted by S.I. 1990/593 (N.I. 5), art. 25, Sch. 10 Pt. II para. 29 (subject to the savings and transitional provisions referred to in S.R. 1990/246 art. 4)
F6Words in s. 46(4) substituted (11.03.1991) by S.I. 1990/1504 (N.I. 10), art. 54(3); S.R. 1991/26, arts. 3(a), 4, Sch.
Marginal Citations
(1)No duty to which—
(a)an auditor of an authorised institution; or
(b)a person appointed to make a report under section 8(5) or 39(1)(b) above,
may be subject shall be regarded as contravened by reason of his communicating in good faith to the Bank, whether or not in response to a request made by it, any information or opinion on a matter to which this section applies and which is relevant to any function of the Bank under this Act.
(2)In relation to an auditor of an authorised institution this section applies to any matter of which he becomes aware in his capacity as auditor and which relates to the business or affairs of the institution or any associated body.
(3)In relation to a person appointed to make a report under section 8(5) or 39(1)(b) above this section applies to any matter of which he becomes aware in his capacity as the person making the report and which—
(a)relates to the business of affairs of the institution in relation to which his report is made or any associated body of that institution; or
(b)if by virtue of section 39(6) or (7) above the report relates to an associated body of an institution, to the business or affairs of that body.
(4)In this section “associated body”, in relation to an institution, means any such body as is mentioned in section 39(6) or (7) above.
(5)If it appears to the Treasury that any accountants or class of accountants who are persons to whom subsection (1) above applies are not subject to satisfactory rules made or guidance issued by a professional body specifying circumstances in which matters are to be communicated to the Bank as mentioned in that subsection the Treasury may, after consultation with the Bank and such bodies as appear to the Treasury to represent the interests of accountants and authorised institutions, make regulations applying to those accountants and specifying such circumstances; and it shall be the duty of an accountant to whom the regulations apply to communicate a matter to the Bank in the circumstances specified by the regulations.
(6)Regulations under this section may make different provision for different cases and no such regulations shall be made unless a draft of them has been laid before and approved by a resolution of each House of Parliament.
(7)This section applies to the auditor of a former authorised institution as it applies to the auditor of an authorised institution.
Modifications etc. (not altering text)
C3S. 47 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para.12.
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
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.
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: