The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Interpretation of regulation 24 of the 2000 Regulations

588.—(1) Regulation 24 of the Community Legal Service (Costs) Regulations 2000 (interest on damages) is amended as follows.

(2) In paragraph (2) of that regulation for “a bank or building society” substitute “a deposit-taker”.

(3) In paragraph (6) of that regulation—

(a) the definitions of “bank” and “building society” are revoked; and

(b) after the definition of “business day” insert—

““deposit taker” means the Bank of England, or the branch, situated in England or Wales, of either—

(a)

a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act, which 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;”.

(4) After paragraph (6) of that Regulation insert—

“(7) The definition of “deposit taker” in paragraph (6) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.