Part III Transfer of supervisory functions of the Bank to the Financial Services Authority

Transfer of functions to the Authority

21 Transfer.

The following functions of the Bank are hereby transferred to the Authority—

a

its functions under—

F1i

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1ii

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

iii

section 101(4) of the M1Building Societies Act 1986,

(banking supervision functions),

F1b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22 Supplementary provisions.

Schedule 4 (transfer of functions: supplementary provisions) shall have effect.

23 Consequential amendments.

F21

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.

Authority’s position in relation to transferred functions

24 Status.

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F426. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F527. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consequential changes to banking bodies

F628. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F729. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supplementary

30 Interpretation of Part III.

In this Part—

  • “the Authority” means the Financial Services Authority;

  • “transferred functions” means the functions transferred to the Authority by this Part.