(1)Subject to subsection (4), “bank” means an authorised deposit-taker that has its head office, or one or more branches, in the United Kingdom.
(2)In subsection (1) “authorised deposit-taker” means—
(a)a person who under [F1Part 4A] of FSMA 2000 has permission to accept deposits;
(b)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to FSMA 2000 that has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.
(3)A reference in subsection (2) to a person or firm with permission to accept deposits does not include a person or firm with permission to do so only for the purposes of, or in the course of, an activity other than accepting deposits.
(4)“Bank” does not include—
(a)a building society;
(b)a person who is specified, or is within a class of persons specified, by an order under section 38 of FSMA 2000 (exemption orders);
(c)a credit union;
(d)a friendly society.
(5)In this section—
[F2“credit union” means a credit union within the meaning of section 31(1) of the Credit Unions Act 1979 or a credit union within the meaning of Article 2(2) of the Credit Unions (Northern Ireland) Order 1985;]
“friendly society” has the same meaning as in the Friendly Societies Act 1992 (c. 40) (see section 116 of that Act);
“FSMA 2000” means the Financial Services and Markets Act 2000 (c. 8).
Textual Amendments
F1Words in s. 7(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 128 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 7(5) substituted (31.3.2012) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), arts. 2(c), 12(1)
Commencement Information
I1S. 7 in force at 12.3.2009 by S.I. 2009/490, art. 2