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Financial Services Act 2012

Section 62: Directions under section 61: supplementary provisions

516.Section 62 deals with supplementary matters. Subsection (2) requires the Treasury to consult the Bank before giving a direction. Subsection (3) provides that the Bank must give a report (or reports) to the Treasury on how it is complying or (where the direction relates to action to be taken in the future) intends to comply with the direction. Subsection (6) provides that a direction remains in force even if the public funds notification by reference to which it was made has been superseded. Subsection (7) provides that a direction can remain in force even if the qualifying financial assistance by reference to which it was made has been recovered.

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