The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015

Prohibition orders

18.—(1) Paragraph 2 applies to—

(a) a warning notice or a decision notice under section 57 (prohibition orders: procedure and right to refer to tribunal)(1),

(b) a further decision notice under section 390(2A) relating to a decision notice under that section (2),

(c) a final notice under section 390 (final notices) about an order under section 56 (prohibition orders)(3), or

(d) a prohibition order under section 56,

which is given or made before 7th March 2016.

(2) The notice or prohibition order is not affected by—

(a) the amendments made to section 59 (approval for particular arrangements) by section 18 of the Financial Services (Banking Reform) Act 2013(4), or

(b) rules made by either regulator under section 59 before 7th March 2016 which alter or replace a description of controlled function to which the notice or prohibition order relates.

(3) But nothing in this article prevents a prohibition order that—

(a) is made in relation to a person on or after 7th March 2016, and

(b) relates to any functions to which a warning notice or decision notice given to the person before that date in respect of the order related,

from describing, or referring to, those functions in a different way from the way in which they were described or referred to in the notice.

(1)

Section 57 was amended by the Financial Services Act 2012 (c. 21), section 13.

(2)

Section 390 was amended by the Financial Services Act 2012, section 37 and Schedule 9, Part 1, paragraph 1, Part 6, paragraph 29; S.I. 2010/22, article 5 and Schedule 2, paragraphs 43, 47.

(3)

Section 56 was amended by the Financial Services Act 2012, section 13.

(4)

2013 c.33.