http://www.legislation.gov.uk/ukpga/2012/21/part/10/2012-12-19Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2024-02-052012-12-19 PART 10 General<Emphasis>Further amendments and repeals</Emphasis>Further minor and consequential amendments and repeals1141Schedule 18 contains further amendments of FSMA 2000 and other enactments.2Schedule 19 contains further consequential repeals.<Emphasis>Orders</Emphasis>Orders: general1151Any power of the Treasury or the Secretary of State to make an order under this Act is exercisable by statutory instrument.2Any order made by the Treasury or the Secretary of State under this Act may—acontain such incidental or transitional provision as the Treasury consider appropriate, andbmake different provision for different cases.Orders: Parliamentary control1161A statutory instrument containing (alone or with other provision) an order to which subsection (2) applies may not be made unless a draft of the instrument has been laid before Parliament and approved by a resolution of each House.2This subsection applies to—aan order under section 37(2) (power to amend sections 391 and 395 of FSMA 2000);ban order under Part 3 (mutual societies);can order under section 107 (power to make further provision about regulation of consumer credit);dan order under section 118 (power to make further consequential amendments) that amends or repeals primary legislation.3A statutory instrument containing an order under this Act, other than an instrument to which section 94 or subsection (1) applies or an instrument containing only provision made under section 122 (commencement), is subject to annulment in pursuance of a resolution of either House of Parliament.4In this section “primary legislation” means—aan Act of Parliament,ban Act of the Scottish Parliament,ca Measure or Act of the National Assembly for Wales, ordNorthern Ireland legislation.<Emphasis>Interpretation</Emphasis>Interpretation1171In this Act “FSMA 2000” means the Financial Services and Markets Act 2000.2In this Act—the FCA” means the Financial Conduct Authority;the PRA” means the Prudential Regulation Authority;the UK financial system” means the financial system of the United Kingdom.3In this Act “enactment” includes—aan enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978;ban enactment contained in, or in an instrument made under, an Act of the Scottish Parliament;can enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales;dan enactment contained in, or in an instrument made under, Northern Ireland legislation.<Emphasis>Consequential and transitional provisions</Emphasis>Power to make further consequential amendments <Abbreviation Expansion="Et cetera" xml:lang="la">etc</Abbreviation>1181The Treasury or the Secretary of State may by order make such provision amending, repealing, revoking or applying with modifications any enactment to which this section applies as they consider necessary or expedient in consequence of any provision made by or under this Act.2This section applies to—aany enactment passed or made before the passing of this Act, andbany enactment passed or made on or before the last day of the Session in which this Act is passed.3Amendments and repeals made under this section are additional to those made by or under any other provision of this Act.Transitional provisions and savings119 1Schedule 20 contains transitional provisions.2Schedule 21 contains provision about the transfer of property, rights and liabilities.3The Treasury may by order make such provision as they consider necessary or expedient for transitory, transitional or saving purposes in connection with the commencement of any provision made by or under this Act.4An order under subsection (3) may, in particular—amake provision enabling any person by whom any powers will become exercisable, on a date set by or under this Act, by virtue of any provision made by or under this Act to take before that date any steps which are necessary as a preliminary to the exercise of those powers;bmake provision treating any relevant instrument which was made, issued or given by the Financial Services Authority under any enactment before section 6 is fully in force and is designated by the FCA, the PRA or the Bank of England (or any two or more of them) in accordance with the order—ias having been made, issued or given by the designating body or bodies;iias having been made, issued or given (or also made, issued or given) under a corresponding provision of this Act or of an enactment as amended by or under this Act;cmake provision enabling a body which makes a designation by virtue of paragraph (b) to modify the instrument being designated;dmake provision treating anything done before section 6 is fully in force by persons appointed by the Financial Services Authority with the approval of the Treasury as having been done by the FCA;emake provision treating anything done before section 6 is fully in force by persons appointed by the Prudential Regulation Authority Limited with the approval of the Treasury and the Bank of England as having been done by the PRA;fmake provision treating any permission given or other thing done by the Financial Services Authority before commencement under an enactment amended by this Act—ias having been made, given or done under a corresponding provision of the enactment as so amended;iias having been made, given or done (or also made, given or done) by the PRA or the Bank of England;gmake provision for the continuation of proceedings begun before commencement, including provision about the decisions available to bodies before which such proceedings take place and the effect of their decisions;hmake provision for making savings, or additional savings, from the effect of any repeal or revocation made by or under this Act.5An order under subsection (3) may—aconfer functions on the Treasury, the FCA or the PRA, or on the Bank of England or its Financial Policy Committee;bmodify, exclude or apply (with or without modifications) any enactment (including any provision of, or made under, this Act).6In subsection (4)—acommencement” means the commencement of such provisions of this Act as may be specified by the order;brelevant instrument” means rules, guidance, requirements or a code, scheme, statement or direction.<Emphasis>Final provisions</Emphasis>Financial provision1201There is to be paid out of money provided by Parliament—aany expenditure incurred under or by virtue of this Act by a Minister of the Crown or government department (apart from any expenditure to be met from the National Loans Fund), andbany increase attributable to this Act in the sums payable under any other Act out of money so provided.2There is to be paid out of the National Loans Fund any increase attributable to this Act in the sums payable under any other Act out of that Fund.Extent121This Act extends to England and Wales, Scotland and Northern Ireland.Commencement1221The following provisions come into force on the day on which this Act is passed—section 109;sections 115 to 118;section 119(3) to (6);sections 120 and 121;this section;section 123.2Sections 108 and 113 come into force at the end of the period of 2 months beginning with day on which this Act is passed.3The remaining provisions of this Act come into force on such day as the Treasury may by order appoint.4Different days may be appointed for different purposes.Short title123This Act may be cited as the Financial Services Act 2012.S.119 partly in force; s. 119(3)-(6) in force at Royal Assent, see s. 122(1).
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<Title>General</Title>
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<Text>Schedule 18 contains further amendments of FSMA 2000 and other enactments.</Text>
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<Emphasis>Orders</Emphasis>
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<Text>Any power of the Treasury or the Secretary of State to make an order under this Act is exercisable by statutory instrument.</Text>
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<Text>Any order made by the Treasury or the Secretary of State under this Act may—</Text>
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<Text>contain such incidental or transitional provision as the Treasury consider appropriate, and</Text>
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<Text>make different provision for different cases.</Text>
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<Title>Orders: Parliamentary control</Title>
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<Text>A statutory instrument containing (alone or with other provision) an order to which subsection (2) applies may not be made unless a draft of the instrument has been laid before Parliament and approved by a resolution of each House.</Text>
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<Text>This subsection applies to—</Text>
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<Text>an order under section 37(2) (power to amend sections 391 and 395 of FSMA 2000);</Text>
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<Text>an order under Part 3 (mutual societies);</Text>
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<Text>an order under section 107 (power to make further provision about regulation of consumer credit);</Text>
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<Text>an order under section 118 (power to make further consequential amendments) that amends or repeals primary legislation.</Text>
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</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/116/3/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/116/3" id="section-116-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>A statutory instrument containing an order under this Act, other than an instrument to which section 94 or subsection (1) applies or an instrument containing only provision made under section 122 (commencement), is subject to annulment in pursuance of a resolution of either House of Parliament.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/116/4/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/116/4" id="section-116-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-primary-legislation">primary legislation</Term>
” means—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/116/4/a/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/116/4/a" id="section-116-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>an Act of Parliament,</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/116/4/b/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/116/4/b" id="section-116-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>an Act of the Scottish Parliament,</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/116/4/c/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/116/4/c" id="section-116-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>a Measure or Act of the National Assembly for Wales, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/116/4/d/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/116/4/d" id="section-116-4-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>Northern Ireland legislation.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/part/10/crossheading/interpretation/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/part/10/crossheading/interpretation" NumberOfProvisions="1" RestrictEndDate="2017-03-01" RestrictStartDate="2012-12-19" id="part-10-crossheading-interpretation">
<Title>
<Emphasis>Interpretation</Emphasis>
</Title>
<P1group RestrictEndDate="2017-03-01" RestrictStartDate="2012-12-19">
<Title>Interpretation</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/117/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/117" id="section-117">
<Pnumber PuncAfter="">117</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/117/1/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/117/1" id="section-117-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
In this Act “
<Term id="term-fsma-2000">FSMA 2000</Term>
” means the Financial Services and Markets Act 2000.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/117/2/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/117/2" id="section-117-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In this Act—</Text>
<UnorderedList Decoration="none" Class="Definition">
<ListItem>
<Para>
<Text>
<Term id="term-the-fca">the FCA</Term>
” means the Financial Conduct Authority;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-the-pra">the PRA</Term>
” means the Prudential Regulation Authority;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-the-uk-financial-system">
the
<Acronym Expansion="United Kingdom">UK</Acronym>
financial system
</Term>
” means the financial system of the United Kingdom.
</Text>
</Para>
</ListItem>
</UnorderedList>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/117/3/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/117/3" id="section-117-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In this Act “
<Term id="term-enactment">enactment</Term>
” includes—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/117/3/a/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/117/3/a" id="section-117-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/117/3/b/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/117/3/b" id="section-117-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/117/3/c/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/117/3/c" id="section-117-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/117/3/d/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/117/3/d" id="section-117-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>an enactment contained in, or in an instrument made under, Northern Ireland legislation.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/part/10/crossheading/consequential-and-transitional-provisions/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/part/10/crossheading/consequential-and-transitional-provisions" NumberOfProvisions="2" RestrictEndDate="2013-01-24" RestrictStartDate="2012-12-19" id="part-10-crossheading-consequential-and-transitional-provisions">
<Title>
<Emphasis>Consequential and transitional provisions</Emphasis>
</Title>
<P1group RestrictStartDate="2012-12-19" ConfersPower="true">
<Title>
Power to make further consequential amendments
<Abbreviation Expansion="Et cetera" xml:lang="la">etc</Abbreviation>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/118/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/118" id="section-118">
<Pnumber PuncAfter="">118</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/118/1/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/118/1" id="section-118-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>The Treasury or the Secretary of State may by order make such provision amending, repealing, revoking or applying with modifications any enactment to which this section applies as they consider necessary or expedient in consequence of any provision made by or under this Act.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/118/2/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/118/2" id="section-118-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>This section applies to—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/118/2/a/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/118/2/a" id="section-118-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>any enactment passed or made before the passing of this Act, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/118/2/b/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/118/2/b" id="section-118-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any enactment passed or made on or before the last day of the Session in which this Act is passed.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/118/3/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/118/3" id="section-118-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Amendments and repeals made under this section are additional to those made by or under any other provision of this Act.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2013-01-24" RestrictStartDate="2012-12-19" ConfersPower="true">
<Title>Transitional provisions and savings</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119" id="section-119">
<Pnumber PuncAfter="">
119
<CommentaryRef Ref="c2172474"/>
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/1/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/1" RestrictEndDate="2013-01-24" id="section-119-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Schedule 20 contains transitional provisions.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/2/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/2" RestrictEndDate="2013-01-24" id="section-119-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Schedule 21 contains provision about the transfer of property, rights and liabilities.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/3/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/3" id="section-119-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The Treasury may by order make such provision as they consider necessary or expedient for transitory, transitional or saving purposes in connection with the commencement of any provision made by or under this Act.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4" id="section-119-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>An order under subsection (3) may, in particular—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/a/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/a" id="section-119-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>make provision enabling any person by whom any powers will become exercisable, on a date set by or under this Act, by virtue of any provision made by or under this Act to take before that date any steps which are necessary as a preliminary to the exercise of those powers;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/b/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/b" id="section-119-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>make provision treating any relevant instrument which was made, issued or given by the Financial Services Authority under any enactment before section 6 is fully in force and is designated by the FCA, the PRA or the Bank of England (or any two or more of them) in accordance with the order—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/b/i/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/b/i" id="section-119-4-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>as having been made, issued or given by the designating body or bodies;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/b/ii/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/b/ii" id="section-119-4-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>as having been made, issued or given (or also made, issued or given) under a corresponding provision of this Act or of an enactment as amended by or under this Act;</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/c/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/c" id="section-119-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>make provision enabling a body which makes a designation by virtue of paragraph (b) to modify the instrument being designated;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/d/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/d" id="section-119-4-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>make provision treating anything done before section 6 is fully in force by persons appointed by the Financial Services Authority with the approval of the Treasury as having been done by the FCA;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/e/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/e" id="section-119-4-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>make provision treating anything done before section 6 is fully in force by persons appointed by the Prudential Regulation Authority Limited with the approval of the Treasury and the Bank of England as having been done by the PRA;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/f/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/f" id="section-119-4-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>make provision treating any permission given or other thing done by the Financial Services Authority before commencement under an enactment amended by this Act—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/f/i/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/f/i" id="section-119-4-f-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>as having been made, given or done under a corresponding provision of the enactment as so amended;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/f/ii/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/f/ii" id="section-119-4-f-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>as having been made, given or done (or also made, given or done) by the PRA or the Bank of England;</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/g/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/g" id="section-119-4-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>make provision for the continuation of proceedings begun before commencement, including provision about the decisions available to bodies before which such proceedings take place and the effect of their decisions;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/4/h/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/4/h" id="section-119-4-h">
<Pnumber>h</Pnumber>
<P3para>
<Text>make provision for making savings, or additional savings, from the effect of any repeal or revocation made by or under this Act.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/5/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/5" id="section-119-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>An order under subsection (3) may—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/5/a/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/5/a" id="section-119-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>confer functions on the Treasury, the FCA or the PRA, or on the Bank of England or its Financial Policy Committee;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/5/b/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/5/b" id="section-119-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>modify, exclude or apply (with or without modifications) any enactment (including any provision of, or made under, this Act).</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/6/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/6" id="section-119-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In subsection (4)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/6/a/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/6/a" id="section-119-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
<Term id="term-commencement">commencement</Term>
” means the commencement of such provisions of this Act as may be specified by the order;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/119/6/b/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/6/b" id="section-119-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
<Term id="term-relevant-instrument">relevant instrument</Term>
” means rules, guidance, requirements or a code, scheme, statement or direction.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/part/10/crossheading/final-provisions/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/part/10/crossheading/final-provisions" NumberOfProvisions="4" RestrictStartDate="2012-12-19" id="part-10-crossheading-final-provisions">
<Title>
<Emphasis>Final provisions</Emphasis>
</Title>
<P1group RestrictStartDate="2012-12-19">
<Title>Financial provision</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/120/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/120" id="section-120">
<Pnumber PuncAfter="">120</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/120/1/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/120/1" id="section-120-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>There is to be paid out of money provided by Parliament—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/120/1/a/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/120/1/a" id="section-120-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>any expenditure incurred under or by virtue of this Act by a Minister of the Crown or government department (apart from any expenditure to be met from the National Loans Fund), and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/120/1/b/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/120/1/b" id="section-120-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any increase attributable to this Act in the sums payable under any other Act out of money so provided.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/120/2/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/120/2" id="section-120-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>There is to be paid out of the National Loans Fund any increase attributable to this Act in the sums payable under any other Act out of that Fund.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2012-12-19">
<Title>Extent</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/121/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/121" id="section-121">
<Pnumber PuncAfter="">121</Pnumber>
<P1para>
<Text>This Act extends to England and Wales, Scotland and Northern Ireland.</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2012-12-19" ConfersPower="true">
<Title>Commencement</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/122/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122" id="section-122">
<Pnumber PuncAfter="">122</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/122/1/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/1" id="section-122-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>The following provisions come into force on the day on which this Act is passed—</Text>
<UnorderedList Decoration="none">
<ListItem>
<Para>
<Text>section 109;</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>sections 115 to 118;</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>section 119(3) to (6);</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>sections 120 and 121;</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>this section;</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>section 123.</Text>
</Para>
</ListItem>
</UnorderedList>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/122/2/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/2" id="section-122-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Sections 108 and 113 come into force at the end of the period of 2 months beginning with day on which this Act is passed.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/122/3/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3" id="section-122-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The remaining provisions of this Act come into force on such day as the Treasury may by order appoint.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/122/4/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/4" id="section-122-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Different days may be appointed for different purposes.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2012-12-19">
<Title>Short title</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2012/21/section/123/2012-12-19" IdURI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/123" id="section-123">
<Pnumber PuncAfter="">123</Pnumber>
<P1para>
<Text>This Act may be cited as the Financial Services Act 2012.</Text>
</P1para>
</P1>
</P1group>
</Pblock>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="c2172474" Type="I">
<Para>
<Text>
<CitationSubRef id="c00038" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119" SectionRef="section-119">S.119</CitationSubRef>
partly in force;
<CitationSubRef id="c00039" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/3" UpTo="http://www.legislation.gov.uk/id/ukpga/2012/21/section/119/6" Type="group" StartSectionRef="section-119-3" EndSectionRef="section-119-6">s. 119(3)-(6)</CitationSubRef>
in force at Royal Assent, see
<CitationSubRef id="c00040" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/1" SectionRef="section-122-1">s. 122(1)</CitationSubRef>
.
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>