Part I Regulation of Deposit-Taking Business
Invitations to make deposits
34 Unsolicited calls.
1
The Treasury may after consultation with the F1Authority and the Building Societies Commission make regulations for regulating the making of unsolicited calls—
a
on persons in the United Kingdom; or
b
from the United Kingdom on persons elsewhere,
with a view to procuring the making of deposits.
2
Regulations under this section may make different provision for different cases and, without prejudice to the generality of subsection (1) above, may in particular—
a
prohibit the soliciting of deposits from, and the making of agreements with a view to the acceptance of deposits from, persons on whom unsolicited calls are made and prohibit the procuring of such persons to make deposits or to enter into such agreements;
b
specify persons by whom or circumstances in which unsolicited calls may be made;
c
require specified information to be disclosed to persons on whom unsolicited calls are made.
3
Any person who contravenes regulations made under this section shall be guilty of an offence and liable—
a
on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both;
b
on summary conviction, to imprisonment for a term not exceeding six months or to a fine not exceeding the statutory maximum or to both.
4
In this section “unsolicited call” means a personal visit or oral communication made without express invitation.
5
Regulations under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament.