Part 4 of the Financial Services (Banking Reform) Act 2013 (the Act) amends Part 5 of the Financial Services and Markets Act 2000 to put in place the legal framework for reforms to strengthen the regulation of individuals working in the UK financial services sector and in particular in banking.

Part 4 of the Act currently applies the reforms only to banks and building societies (deposit-takers) incorporated in the UK and investment firms regulated by the PRA that are incorporated in the UK. However, the Act gives HM Treasury the power to apply the reforms to UK branches of certain overseas banks and investment firms by an Order. That Order is the Financial Services and Markets Act 2000 (Relevant Authorised Persons) Order 2015 which is in draft form.

The main purpose of the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 (the Transitional Order) is to ensure that persons who are approved to perform current controlled functions can be approved to perform new controlled functions (without an application having to be made to perform those new functions) which correspond to their actual duties, and which are consistent with the current controlled functions they are approved to perform.

The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015 extends the scope of the Transitional Order so that it can apply in relation to certain overseas banks and investment firms. This Order comes into force on 1 October 2015.

View The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015, 9 September 2015

View Explanatory Memorandum to The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015, 9 September 2015