PART 3U.K.Access to services etc

CHAPTER 2U.K.Other services etc

Bank accountsU.K.

42“Bank” and “building society”U.K.

(1)In sections 40 [F1to 41]bank” means an authorised deposit-taker that has its head office or a branch in the United Kingdom.

This is subject to subsection (4).

(2)In subsection (1) “authorised deposit-taker” means—

(a)a person who under Part 4A of the Financial Services and Markets Act 2000 has permission to accept deposits;

F2(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)A reference in subsection (2) to a person F3... with permission to accept deposits does not include a person F3... with permission to do so only for the purposes of, or in the course of, an activity other than accepting deposits.

(4)Bank” does not include—

(a)a building society;

(b)a person who is specified, or is within a class of persons specified, by an order under section 38 of the Financial Services and Markets Act 2000 (exemption orders);

(c)a credit union within the meaning given by section 31(1) of the Credit Unions Act 1979 or by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985;

(d)a friendly society within the meaning given by section 116 of the Friendly Societies Act 1992.

(5)In sections 40 [F4to 41] , and in subsection (4), “building society” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986.

Textual Amendments

F1Words in s. 42(1) substituted (1.11.2016 for specified purposes, 30.10.2017 in so far as not already in force) by Immigration Act 2016 (c. 19), s. 94(1), Sch. 7 para. 4; S.I. 2016/1037, reg. 2(d); S.I. 2017/929, reg. 2(b)

F4Words in s. 42(5) substituted (1.11.2016 for specified purposes, 30.10.2017 in so far as not already in force) by Immigration Act 2016 (c. 19), s. 94(1), Sch. 7 para. 4; S.I. 2016/1037, reg. 2(d); S.I. 2017/929, reg. 2(b)

Commencement Information

I1S. 42 in force at 14.7.2014 by S.I. 2014/1820, art. 2(b)