The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014 has been published. The Order brings into force various provisions of the Financial Services (Banking Reform) Act 2013 (Banking Reform Act) on 1 March 2014 including:
- section 6 and Schedule 1 on ring-fencing transfer schemes;
- sections 14 and 15 on Financial Services Compensation Scheme governance;
- sections 39 to 58 and 68 to 110 and Schedules 4 and 5 on the new Payment Systems Regulator; and
- section 130 on the PRA’s competition objective.
The Order also brings into force on 1 March 2014 certain provisions of the Banking Reform Act for the purposes of making rules, orders or regulations. These include:
- section 4 on ring-fencing in respect of certain amendments to the Financial Services and Markets Act 2000;
- section 17 on the bail-in stabilisation tool; and
- parts of section 121 on the financial market infrastructure administration regime.
The Order also brings the amendments made by section 141 and Schedule 10 of the Banking Reform Act (on minor amendments) into force on three separate dates: 1 March 2014, 1 April 2014 and 1 June 2014.
View The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014, 24 February 2014