Search Legislation

Financial Services Act 2012

Changes over time for: Paragraph 1

 Help about opening options

Alternative versions:

Status:

Point in time view as at 06/07/2016.

Changes to legislation:

Financial Services Act 2012, Paragraph 1 is up to date with all changes known to be in force on or before 23 December 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. Help about Changes to Legislation

Close

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

This section has no associated Explanatory Notes

1(1)Schedule 1 to the Bank of England Act 1998 (which makes further provision about the court of directors) is amended as follows.U.K.

(2)For paragraph 1 substitute—

1(1)Appointment as Governor of the Bank shall be for a period of 8 years.

(2)Appointment as Deputy Governor of the Bank shall be for a period of 5 years.

(3)A person may not be appointed—

(a)as Governor, more than once, or

(b)as Deputy Governor, more than twice.

(4)A person appointed as Governor or Deputy Governor of the Bank shall work exclusively for the Bank; and for this purpose work in an office that an enactment requires to be held by the Governor or a Deputy Governor is to be taken to be work for the Bank.

(3)In paragraph 2—

(a)for “director” substitute “ non-executive director ”, and

(b)for the words from “3 years” to the end substitute “ 4 years, or such shorter period as may be specified in the appointment ”.

(4)Omit paragraph 3.

(5)In paragraph 4, for “director” substitute “ non-executive director ”.

(6)In paragraph 5—

(a)in sub-paragraph (1), for “director” substitute “ non-executive director ”, and

(b)for sub-paragraph (2) substitute—

(2)An officer or employee of the Bank, other than a person holding office under section 9B(1)(e), is disqualified for appointment as non-executive director of the Bank.

(7)For paragraph 6 substitute—

6(1)The fact that a person has held office as Governor of the Bank does not disqualify that person from appointment as Deputy Governor or non-executive director of the Bank.

(2)The fact that a person has held office as Deputy Governor or non-executive director of the Bank does not disqualify that person from re-appointment to that office or for appointment to the other office or as Governor of the Bank, but this is subject to paragraph 1(3)(b).

(8)In paragraph 7(2), for “director” substitute “ non-executive director ”.

(9)In paragraph 8—

(a)the existing provision becomes sub-paragraph (1),

(b)in that provision, for “director” substitute “ non-executive director ”, and

(c)after that provision insert—

(2)In relation to the Deputy Governor for prudential regulation, the reference in sub-paragraph (1)(c) to inability or unfitness to discharge functions as member of the court of directors is to be read as including a reference to inability or unfitness to discharge functions as Chief Executive of the Prudential Regulation Authority.

(10)In paragraph 11—

(a)the existing provision becomes sub-paragraph (1),

(b)in sub-paragraph (1)(b), for “servant” substitute “ employee ”,

(c)in sub-paragraph (1)(c)(ii), for “servants” substitute “ employees ”, and

(d)after sub-paragraph (1) insert—

(2)The duties and powers that may be delegated under this paragraph do not include duties and powers that are by any enactment expressly imposed or conferred on the court of directors.

(11)After paragraph 12 insert—

Publication of record of meetingsU.K.

12A(1)The Bank must publish a record of each meeting of the court—

(a)before the end of the period of 6 weeks beginning with the day of the meeting, or

(b)if no meeting of the court is subsequently held during that period, before the end of the period of 2 weeks beginning with the day of the next meeting.

(2)The record must specify any decisions taken at the meeting (including decisions to take no action) and must set out, in relation to each decision, a summary of the court's deliberations.

(3)Sub-paragraphs (1) and (2) do not require the publication of information whose publication within the time required by sub-paragraph (1) would in the opinion of the court be against the public interest.

(4)Publication under this section is to be in such manner as the Bank thinks fit.

(12)In paragraph 13, after sub-paragraph (3), insert—

(3A)But a member of the court who is the Governor or a Deputy Governor of the Bank may not be designated under paragraph (a) or (b) of sub-paragraph (3).

F1(13). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(14)In paragraph 15, for “director” substitute “ non-executive director ”.

(15)Nothing in sub-paragraphs (2) to (7) affects the term of any appointment made before the commencement of that provision.

Textual Amendments

Commencement Information

I1Sch. 2 para. 1 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I2Sch. 2 para. 1 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources