Law Reform (Miscellaneous Provisions) (Scotland) Act 1990

19 Executry services by recognised financial institutions

(1) Subject to subsection (3) below, a recognised financial institution may provide executry services if it has notified the Board that—

(a) it intends to do so;

(b) it complies with such requirements as may be prescribed by regulations made by the Secretary of State with respect to the educational qualifications and practical training of those of its employees who are to be engaged in the provision of executry services; and

(c) it is a member of, or otherwise subject to, a scheme which—

(i) has been established (whether or not exclusively) for the purpose of dealing with complaints about the provision of executry services; and

(ii) complies with such requirements as may be prescribed by regulations made by the Secretary of State with respect to matters relating to such complaints.

(2) In this section “recognised financial institution” means any institution which is—

(a) an institution authorised by the Bank of England to operate a deposit-taking business under Part I of the [1987 c. 22.] Banking Act 1987;

(b) a building society authorised to raise money from its members by the Building Societies Commission under section 9 of the [1986 c. 53.] Building Societies Act 1986;

(c) a body authorised to carry on insurance business under section 3 or 4 of the [1982 c. 50.] Insurance Companies Act 1982; or

(d) any subsidiary (as defined by section 736(1) of the [1985 c. 6.] Companies Act 1985) of a body falling within paragraph (a), (b) or (c) above whose business, or any part of whose business, consists of the provision of executry services.

(3) Where—

(a) a recognised financial institution ceases (for whatever reason) to comply with the requirements with respect to educational qualifications and practical training referred to in paragraph (b) of subsection (1) above;

(b) a recognised financial institution ceases (for whatever reason) to be a member of, or otherwise subject to, a scheme referred to in a notice given by it under that subsection; or

(c) such a scheme ceases to comply with the requirements mentioned in paragraph (c)(ii) of that subsection,

the recognised financial institution shall notify the Board of that fact and shall forthwith cease providing executry services.

(4) The Board shall maintain a list of recognised financial institutions which have given notice under subsection (1) above and shall make the list available to any person without charge.

(5) The Board shall, as soon as practicable after 1st April in each year, send a copy of the list maintained under subsection (4) above to the Keeper of the Registers of Scotland and to each sheriff clerk.

(6) This section, so far as it relates to a body or subsidiary mentioned in subsection (2)(c) or (d) above, is without prejudice to section 16 of the [1982 c. 50.] Insurance Companies Act 1982 (restriction of insurance companies to insurance business).

(7) Regulations under subsection (1) above shall be made by statutory instrument and no regulations shall be made under that subsection unless a draft of the regulations has been laid before, and approved by a resolution of, each House of Parliament.