Details of Provisions
Reservation
What is reserved are financial services, including investment business, banking and deposit-taking, collective investment schemes and insurance.
All matters relating to financial services are reserved, not just those dealt with in the Financial Services Act 1986. The reservation expressly includes:
investment business, e.g. managing investments or providing investment advice and the authorisation and regulation of those who undertake such activities, as in the 1986 Act;
banking and deposit-taking e.g. the authorisation and regulation of those carrying on banking or deposit-taking business, as in the Banking Act 1987;
collective investment schemes e.g. unit trusts and open-ended investment companies and their regulation and authorisation, as in the 1986 Act; and
insurance.
The expression “financial services” also includes financial services, other than those expressly mentioned, such as the services provided by building societies or friendly societies.
Exception
The subject-matter of section 1 of the Banking and Financial Dealings Act 1971 is excepted from the reservation.
Section 1 of the 1971 Act deals with the fixing of bank holidays. The Scottish Parliament is able to legislate to fix what are bank holidays in Scotland. A further exception in this regard is made from section 1.5.