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Bank of England Act 1998
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- 1998 c. 11
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Changes over time for: Part III
Version Superseded: 01/04/2013
Alternative versions:
- 01/06/1998- Amendment
- 01/06/1999- Amendment
- 01/12/2001- Amendment
- 01/10/2012
Point in time - 01/04/2013- Amendment
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Point in time view as at 01/10/2012.
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Bank of England Act 1998, Part III is up to date with all changes known to be in force on or before 14 November 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.
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Part IIIU.K. Transfer of supervisory functions of the Bank to the Financial Services Authority
Transfer of functions to the AuthorityU.K.
21 Transfer.U.K.
The following functions of the Bank are hereby transferred to the Authority—
(a)its functions under—
F1(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(ii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(iii)section 101(4) of the M1Building Societies Act 1986,
(banking supervision functions),
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 21(a)(i)(ii)(b)(c) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(a)
Marginal Citations
22 Supplementary provisions.U.K.
Schedule 4 (transfer of functions: supplementary provisions) shall have effect.
23 Consequential amendments.U.K.
[F2(1)Schedule 5 (amendments of primary, and other principal, legislation consequential on the transfer of functions by section 21) shall have effect.]
(2)The Treasury may by order make such amendments or revocations of any instrument made under an Act as they think necessary or expedient in consequence of the transfer of functions by this Part.
(3)If a reference in a relevant provision to the Bank is predicated on the continuing exercise by the Bank of any of the transferred functions, it shall, in relation to any time after the coming into force of this Act, have effect as a reference to the Authority.
(4)In subsection (3), “relevant provision” means a provision which—
(a)has effect before, as well as after, the coming into force of this Act, and
(b)is contained in a document other than an Act or an instrument made under an Act.
Textual Amendments
F2S. 23(1) repealed (for specified purposes) (1.12.2001) by S.I. 2001/3649, arts. 1, 162(b)
Authority’s position in relation to transferred functionsU.K.
24 Status.U.K.
In relation to the carrying out of any of the transferred functions—
(a)the Authority shall not be regarded as acting on behalf of the Crown, and
(b)its members, officers and servants shall not be regarded as Crown servants.
F325. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F3S. 25 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(c)
F426. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F4S. 26 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(d)
F527. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F5S. 27 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(e)
Consequential changes to banking bodiesU.K.
F628. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F6S. 28 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(e)
F729. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F7S. 29 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(e)
SupplementaryU.K.
30 Interpretation of Part III.U.K.
In this Part—
“the Authority” means the Financial Services Authority;
“transferred functions” means the functions transferred to the Authority by this Part.
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