Bank of England and Financial Services Act 2016

Cited authorities 78

Cited in

Amendments 95

Jurisdiction	UK Non-devolved
Citation	2016 c. 14
Year	2016

(1) The Bank of England Act 1998 is amended as follows.(2) In section 1(2) (court of directors) after paragraph (b) insert—

(ba) a Deputy Governor for markets and banking,

.a Deputy Governor for markets and banking,(3) After section 1 insert—

(1A) Power to alter membership of court of directors

“(1) The Treasury, after consulting the Governor of the Bank, may by order amend the list in section 1(2) so as to—

(a) alter the title of a Deputy Governor;

(b) add a Deputy Governor to the list;

alter the title of a Deputy Governor;add a Deputy Governor to the list;remove a Deputy Governor from the list.An order under subsection (1) (a) or (c) must (by making saving provision or otherwise) secure that the alteration in the title of a Deputy Governor or the removal of a Deputy Governor from the list in section 1(2) does not have effect in relation to the individual (if any) who holds that office at the time the order is made.section 9B(1) (membership of Financial Policy Committee) ;section 13(2) (membership of Monetary Policy Committee) ;section 30A(2) (membership of Prudential Regulation Committee) .An order under subsection (1) (c) may also remove from any of those lists the Deputy Governor to which the order relates.Where an order under subsection (1) makes an amendment mentioned in column 1 of the following table, it may also make the amendment mentioned in the corresponding entry in column 2 of the table.

Addition or removal of Deputy Governors	Corresponding change in membership of Committee
Addition of one or more Deputy Governors to the list in section 9B(1)	Equal increase in the number of members appointed by the Chancellor of the Exchequer under section 9B(1) (e)
Removal of one or more Deputy Governors from the list in section 9B(1)	Equal reduction in the number of members appointed by the Chancellor of the Exchequer under section 9B(1) (e)
Addition of one or more Deputy Governors to the list in section 13(2)	Equal reduction in the number of members appointed by the Governor of the Bank under section 13(2) (b)
Removal of one or more Deputy Governors from the list in section 13(2)	Equal increase in the number of members appointed by the Governor of the Bank under section 13(2) (b)
Addition of one or more Deputy Governors to the list in section 30A(2)	Equal increase in the minimum number of members appointed by the Chancellor of the Exchequer under

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Contenidos

Bank of England and Financial Services Act 2016
PART 1: The Bank of England

Governance

1: Membership of court of directors
2: Term of office of non-executive directors
3: Abolition of Oversight Committee
4: Functions of non-executive directors
5: Financial stability strategy
6: Financial Policy Committee: status and membership
7: Monetary Policy Committee: membership
8: Monetary Policy Committee: procedure

Financial arrangements

9: Audit
10: Activities indemnified by Treasury
11: Examinations and reviews

Prudential regulation

12: Bank to act as Prudential Regulation Authority
13: Prudential Regulation Committee
14: Accounts relating to Bank's functions as Prudential Regulation Authority
15: Transfer of property etc to Bank

Consequential and transitional provision

16: Amendments relating to Part 1
17: Saving and transitional provision relating to Part 1

PART 2: Financial services

The regulators

18: Appointment of Financial Conduct Authority chief executive
19: Treasury recommendations to Financial Conduct Authority
20: Regulatory principles: diversity

Conduct of persons working in financial services sector

21: Extension of relevant authorised persons regime to all authorised persons
22: Rules about controlled functions: power to make transitional provision
23: Administration of senior managers regime
24: Rules of conduct
25: Misconduct
26: Decisions causing a financial institution to fail: meaning of insolvency

Enforceability of agreements

27: Enforceability of agreements relating to credit
28: Enforceability of agreements made through unauthorised persons

Illegal money lending

29: Illegal money lending

Money laundering and terrorist financing

30: Money laundering and terrorist financing

Transformer vehicles

31: Transformer vehicles

Pensions

32: Pensions guidance
33: Advice about transferring or otherwise dealing with annuity payments
34: Independent advice on conversions and transfers of pension benefits: appointed representatives
35: Early exit pension charges

Information about resolution planning

36: Duty of Bank to provide information to Treasury

Financial Services and Markets Act 2000 consequential amendments

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

PART 3: Miscellaneous and general

Banknotes in Scotland and Northern Ireland

38: Banks authorised to issue banknotes in Scotland and Northern Ireland

General

39: Consequential provision
40: Extent
41: Commencement
42: Short title

SCHEDULES

SCHEDULE 1 Section 13
Prudential Regulation Committee
SCHEDULE 2 Section 16
Amendments relating to Part 1

PART 1: Bank of England Act 1998
PART 2: Other Acts

SCHEDULE 3 Section 17
Saving and transitional provision relating to Part 1

Interpretation
Saving for orders under section 2A(6)(d) of the Financial Services and Markets Act 2000
Prudential regulation strategy
Prudential regulation budget
Annual report
Information
Corporation tax: intangible assets
Construction of enactments
Construction of other documents
Continuity: general provision

SCHEDULE 4 Section 21
Extension of relevant authorised persons regime to all authorised persons

Amendments of Financial Services and Markets Act 2000
Consequential amendments of Financial Services (Banking Reform) Act 2013

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Bank of England and Financial Services Act 2016

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