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Financial Services Act 2012
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50After section 157 insert—
“157ABanks not regulated by PRA
(1)In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.
(2)In this section “FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000.
TABLE OF MODIFICATIONS
| Provision | Modification |
|---|---|
| Section 147 | The bank administrator must send the statement to the FCA (and need not send a copy of it to the PRA). |
| Section 153 | Ignore the reference to the PRA in subsection (3). |
| Section 157 | Ignore the reference to the PRA in subsection (1).” |
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