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Section 422: Formerly authorised banks.

Insolvency Act 1986 · 1986 c. 45View on legislation.gov.uk

Part XV: Subordinate Legislation

The Secretary of State may by order made with the concurrence of the Treasury and after consultation with the Financial Conduct Authority and the Prudential Regulation Authority provide that specified provisions in the first Group of Parts shall apply with specified modifications in relation to any person who—

has a liability in respect of a deposit which he accepted in accordance with the Banking Act 1979 (c. 37) or 1987 (c. 22), but
does not have permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) (regulated activities) to accept deposits.

Subsection (1)(b) shall be construed in accordance with—

section 22 of the Financial Services and Markets Act 2000 (classes of regulated activity and categories of investment),
any relevant order under that section, and
Schedule 2 to that Act (regulated activities).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

An order under this section may make different provision for different cases and may contain such incidental, supplemental and transitional provisions as may appear to the Secretary of State necessary or expedient.

An order under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.