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Financial Services and Markets Act 2000
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Financial Services and Markets Act 2000, Section 29 is up to date with all changes known to be in force on or before 17 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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29 Accepting deposits in breach of general prohibition.U.K.
This section has no associated Explanatory Notes
(1)This section applies to an agreement between a person (“the depositor”) and another person (“the deposit-taker”) made in the course of the carrying on by the deposit-taker of accepting deposits in contravention of the general prohibition.
(2)If the depositor is not entitled under the agreement to recover without delay any money deposited by him, he may apply to the court for an order directing the deposit-taker to return the money to him.
(3)The court need not make such an order if it is satisfied that it would not be just and equitable for the money deposited to be returned, having regard to the issue mentioned in subsection (4).
(4)The issue is whether the deposit-taker reasonably believed that he was not contravening the general prohibition by making the agreement.
(5)“Agreement” means an agreement—
(a)made after this section comes into force; and
(b)the making or performance of which constitutes, or is part of, accepting deposits.
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