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The Dormant Bank and Building Society Accounts Act 2008 (c.31) amends Part 7 of the Financial Services and Markets Act 2000 (c.8) to enable a reclaim fund to transfer its business to another Financial Services Authority authorised reclaim fund with the approval of the court.
Regulation 2 of these Regulations amends the Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (S.I. 2001/3625) to extend regulations 5 and 6 (which concern the giving of notices prior to the determination of an application) to a reclaim fund’s application to transfer its business.
An impact assessment of the effect that this instrument will have on the costs of business is available from the Payments, Credits and Inclusion Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.
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