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6.—(1) An authority must hold in a separate account kept by it with a deposit-taker all fund money.
(2) “Deposit-taker” for the purposes of paragraph (1) means—
(a)a person who has permission under Part 4A of the 2000 Act (permission to carry on regulated activities) to carry on the activities specified by article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (accepting deposits)(1);
(b)an EEA firm of the kind mentioned in paragraph 5(b)(2) of Schedule 3 to the 2000 Act (EEA passport rights) which has permission under paragraph 15 of that Schedule(3) to accept deposits;
(c)the Bank of England or the central bank of an EEA state other than the United Kingdom; or
(d)the National Savings Bank.
(3) An authority must secure that the deposit-taker may not exercise a right of set-off in relation to the account referred to in paragraph (1) in respect of any other account held by the authority or any party connected to the authority.
S.I. 2001/544; article 5 was amended by S.I. 2002/682.
Sub-paragraph (b) of paragraph (5) was substituted by S.I. 2006/3211 and then further substituted by S.I. 2013/3115.
Paragraph 15 has been amended by S.I. 2003/2066, S.I. 2007/3253, 2012/1906, 2013/1881 and 2015/575.
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