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Section 142B: Core activities

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part 9B: Ring-fencing

References in this Act to a "core activity" are to be read in accordance with this section.

The regulated activity of accepting deposits (whether carried on in the United Kingdom or elsewhere) is a core activity unless it is carried on in circumstances specified by the Treasury by order.

An order under subsection (2) may be made only if the Treasury are of the opinion that it is not necessary for either of the following purposes that the regulated activity of accepting deposits should be a core activity when carried on in the specified circumstances.

Those purposes are—

to secure an appropriate degree of protection for the depositors concerned, or
to protect the continuity of the provision in the United Kingdom of services provided in the course of carrying on the regulated activity of accepting deposits.

The Treasury may by order provide for a regulated activity other than that of accepting deposits to be a core activity, either generally or when carried on in circumstances specified in the order.

An order under subsection (5) may be made only if the Treasury are of the opinion—

that an interruption of the provision of services provided in the United Kingdom in the carrying on of the regulated activity concerned could adversely affect the stability of the UK financial system or of a significant part of that system, and
that the continuity of the provision of those services can more effectively be protected by treating the activity as a core activity.

About this text

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.