Search Legislation

Advanced Search

Financial Services Act 2012

Section 1: Deputy Governors

20.Subsection (1) amends section 1 of the Bank of England Act 1998 (the “BoE Act”) to provide for the creation of a new post of Deputy Governor for prudential regulation. The Deputy Governor for prudential regulation, like the Deputy Governors for monetary policy and financial stability, is to be a member of the Bank’s court of directors. Subsection (1) also provides that the members of the court of directors who are not Bank executives are, for the first time, to be known as “non-executive directors” (they were previously “directors”). The Governor and the Deputy Governor will be “directors”.

21.Subsection (2) amends section 13 of the BoE Act to provide that the new Deputy Governor for prudential regulation is not a member of the Monetary Policy Committee.

Back to top

Options/Help

Print Options

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources