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Financial Services Act 2012 (c. 21)Introductory TextPart 1 Bank of England (ss. 1-5)1. Deputy Governors2. The Bank's financial stability objective3. Oversight Committee4. Financial stability strategy and Financial Policy Committee5. Further amendments relating to Bank of EnglandPart 2 Amendments of Financial Services and Markets Act 2000 (ss. 6-49)Financial Conduct Authority and Prudential Regulation Authority (s. 6)6. The new RegulatorsRegulated activities (ss. 7-9)7. Extension of scope of regulation8. Orders under section 22 of FSMA 20009. Designation of activities requiring prudential regulation by PRAAppointed representatives (s. 10)10. Appointed representativesPermission to carry on regulated activities (s. 11)11. Permission to carry on regulated activitiesPassporting (s. 12)12. Passporting: exercise of EEA rights and Treaty rightsPerformance of regulated activities (ss. 13-15)13. Prohibition orders14. Approval for particular arrangements15. Further amendments relating to performance of regulated activitiesOfficial listing (ss. 16-21)16. FCA to exercise functions under Part 6 of FSMA 200017. Discontinuance or suspension at the request of the issuer: procedure18. Listing rules: disciplinary powers in relation to sponsors19. Primary information providers20. Penalties for breach of Part 6 rules21. Repeal of competition scrutiny powerControl of business transfers (s. 22)22. Control of business transfersHearings and appeals (s. 23)23. Proceedings before TribunalRules and guidance (s. 24)24. Rules and guidanceShort selling (s. 25)25. Functions relating to short sellingControl over authorised persons (ss. 26-27)26. Control over authorised persons27. Powers of regulators in relation to parent undertakingsRecognised investment exchanges and clearing houses (ss. 28-35)28. Exemption for recognised investment exchanges and clearing houses29. Powers in relation to recognised investment exchanges and clearing houses30. Recognition requirements: power of FCA and Bank to make rules31. Additional power to direct UK clearing houses32. Recognised bodies: procedure for giving directions under s. 296 etc.33. Power to take disciplinary measures against recognised bodies34. Repeal of special competition regime35. Sections 28 to 34: minor and consequential amendmentsSuspension and removal of financial instruments from trading (s. 36)36. Suspension and removal of financial instruments from tradingDiscipline and enforcement (s. 37)37. Discipline and enforcementFinancial Services Compensation Scheme (s. 38)38. The Financial Services Compensation SchemeFinancial ombudsman service (s. 39)39. The financial ombudsman serviceLloyd's (s. 40)40. Lloyd'sInformation (s. 41)41. Information, investigations, disclosure etc.Auditors and actuaries (s. 42)42. Auditors and actuariesConsumer protection and competition (s. 43)43. Provisions about consumer protection and competitionInsolvency (s. 44)44. InsolvencyMiscellaneous amendments of FSMA 2000 (ss. 45-49)45. The consumer financial education body46. Members of the professions47. International obligations48. Interpretation of FSMA 200049. Parliamentary control of statutory instrumentsPart 3 Mutual societies (ss. 50-57)Transfer of functions (ss. 50-54)50. Mutual societies: power to transfer functions51. Further provision that may be included in orders under section 5052. Power to apply or disapply provision made by or under FSMA 200053. Evidence54. Repeals in Part 21 of FSMA 2000Building societies: miscellaneous (ss. 55-56)55. Building societies: creation of floating charges56. Power to direct transfer of building society's businessInterpretation (s. 57)57. Interpretation of Part 3Part 4 Collaboration between Treasury and Bank of England, FCA or PRA (ss. 58-67)57A. Duty of Bank to provide information required by Treasury57B. Duty of Bank to inform Treasury about resolution plans58. Duty of Bank to notify Treasury of possible need for public funds59. Duty of Bank to notify Treasury of changes60. Circumstances in which Treasury power of direction exercisable61. Treasury power of direction62. Directions under section 61: supplementary provisions63. Duty to lay direction etc before Parliament64. Duty of Treasury, Bank and PRA to co-ordinate discharge of functions65. Memorandum of understanding: resolution planning and crisis management66. Memorandum of understanding: international organisations67. Interpretation of Part 4Part 5 Inquiries and investigations (ss. 68-83)Inquiries (ss. 68-72)68. Cases in which Treasury may arrange independent inquiries69. Power to appoint person to hold an inquiry70. Powers of appointed person and procedure71. Conclusion of inquiry72. Obstruction and contemptInvestigations (ss. 73-81)73. Duty of FCA to investigate and report on possible regulatory failure74. Duty of PRA to investigate and report on possible regulatory failure75. Interpretation of section 7476. Modification of section 74 in relation to Lloyd's76A. Duty of Payment Systems Regulator to investigate and report on possible regulatory failure77. Power of Treasury to require regulator to undertake investigation78. Conduct of investigation79. Conclusion of investigation80. Statements of policy81. Publication of directionsPublication of reports (s. 82)82. Publication of reports of inquiries and investigationsSupplementary (s. 83)83. Interpretation and supplementary provisionPart 6 Investigation of complaints against regulators (ss. 84-88)84. Arrangements for the investigation of complaints85. Relevant functions in relation to complaints scheme86. Consultation in relation to, and publication of, complaints scheme87. Investigation of complaints88. Exemption from liability in damagesPart 7 Offences relating to financial services (ss. 89-95)89. Misleading statements90. Misleading impressions91. Misleading statements etc in relation to benchmarks92. Penalties93. Interpretation of Part 794. Affirmative procedure for certain orders95. Consequential repealPart 8 Amendments of Banking Act 2009 (ss. 96-106)Special resolution regime and bank administration (96-103)96. Objectives and conditions97. Private sector purchasers98. Property transfer instruments: property held on trust99. Reports following exercise of a stabilisation power100. Groups101. Application to investment firms102. Application to UK clearing houses103. State aidInter-bank payment systems (ss. 104-105)104. Inter-bank payment systems105. International obligationsFurther amendments (s. 106)106. Amendments relating to new regulatorsPart 9 Miscellaneous (ss. 107-113)Consumer credit (ss. 107-108)107. Power to make further provision about regulation of consumer credit108. Suspension of licences under Part 3 of Consumer Credit Act 1974Penalties received by Financial Services Authority or Bank of England (ss. 109-110)109. Payment to Treasury of penalties received by Financial Services Authority110. Payment to Treasury of penalties received by Bank of EnglandAmendments of Companies Act 1989 (s. 111)111. Amendments of Companies Act 1989Settlement systems (s. 112)112. Evidencing and transfer of title to securities without written instrumentDirector of Savings (s. 113)113. Provision of services by Director of SavingsPart 10 General (ss. 114-123)Further amendments and repeals (s. 114)114. Further minor and consequential amendments and repealsOrders (ss. 115-116)115. Orders: general116. Orders: Parliamentary controlInterpretation (s. 117)117. InterpretationConsequential and transitional provisions (ss. 118-119)118. Power to make further consequential amendments etc119. Transitional provisions and savingsFinal provisions (ss. 120-123)120. Financial provision121. Extent122. Commencement123. Short titleSchedulesSchedule 1 Bank of England Financial Policy CommitteeSchedule 1, Part 1 Schedule to be inserted as Schedule 2A to Bank of England Act 1998Schedule 1, Part 2 Other amendments relating to Financial Policy CommitteeSchedule 2 Further amendments relating to Bank of EnglandSchedule 3 Financial Conduct Authority and Prudential Regulation Authority: Schedules to be substituted as Schedules 1ZA and 1ZB to FSMA 2000Schedule 4 EEA passport rights and treaty rights (paras. 1-43)Schedule 4, Part 1 Amendments of Schedule 3 to FSMA 2000: EEA passport rights (paras. 1-21)Schedule 4, Part 2 Amendments of Schedule 4 to FSMA 2000: Treaty rights (paras. 22-26)Schedule 4, Part 3 Amendments of sections 34 and 35 of FSMA 2000: EEA firms and Treaty firms (paras. 27-28)Schedule 4, Part 4 Amendments of Part 13 of FSMA 2000: Powers of intervention (paras. 29-43)Schedule 5 Performance of regulated activitiesSchedule 6 Control of business transfersSchedule 7 Application of provisions of FSMA 2000 to Bank of England etc.Schedule 8 Sections 28 to 34: minor and consequential amendmentsSchedule 9 Discipline and enforcementSchedule 9, Part 1 Introductory (para. 1)Schedule 9, Part 2 Authorised persons acting without permission (paras. 2-8)Schedule 9, Part 3 Market abuse (para. 9)Schedule 9, Part 4 Disciplinary measures (paras. 10-18)Schedule 9, Part 5 Injunctions and restitution (paras. 19-25)Schedule 9, Part 6 Notice procedures (paras. 26-35)Schedule 9, Part 7 Offences (paras. 36-40)Schedule 9, Part 8 Co-operation (para. 41)Schedule 10 The Financial Services Compensation SchemeSchedule 11 The financial ombudsman serviceSchedule 12 Amendments of Parts 11 and 23 of FSMA 2000Schedule 12, Part 1 Part 11 of FSMA 2000: information gathering and investigationsSchedule 12, Part 2 Part 23 of FSMA 2000: public record, disclosure of information and co-operationSchedule 13 Auditors and actuariesSchedule 14 Amendments of Part 24 of FSMA 2000: InsolvencySchedule 15 The consumer financial education bodySchedule 16 Provision of financial services by members of the professionsSchedule 17 Amendments of Banking Act 2009 related to Part 2 of this ActSchedule 17, Part 1 Amendments of Part 1 of the ActSchedule 17, Part 2 Amendments of Part 2 of the ActSchedule 17, Part 3 Amendments of Part 3 to the ActSchedule 17, Part 4 Amendments of Parts 4 to 6 of the ActSchedule 18 Further minor and consequential amendmentsSchedule 18, Part 1 Amendments of FSMA 2000Schedule 18, Part 2 Amendments of other Acts of ParliamentSchedule 18, Part 3 Amendments of Acts of the Scottish ParliamentSchedule 18, Part 4 Amendments of Northern Ireland legislationSchedule 18, Part 5 Amendment of Measure of the National Assembly for WalesSchedule 19 RepealsSchedule 20 Transitional provisionsSchedule 21 Transfer schemesSchedule 21, Part 1 Property, rights and liabilities of Financial Services AuthoritySchedule 21, Part 2 Property, rights and liabilities of Office of Fair Trading
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AI Summary of 58. Duty of Bank to notify Treasury of possible need for public funds

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2023 - onwards
Version 3 of 3

58. Duty of Bank to notify Treasury of possible need for public funds

(1) Where it appears to the Bank of England that there is a material risk of circumstances within any of the following cases arising, the Bank must immediately notify the Treasury.

(2) A notification under subsection (1) or section 59(2) is referred to in this Part as a "public funds notification".

(3) The first case is where the Treasury or the Secretary of State might reasonably be expected to regard it as appropriate to provide financial assistance to or in respect of a financial institution.

(4) The second case is where -

(a) the Treasury, the Bank of England, the PRA, the FCA or the Secretary of State might reasonably be expected to regard it as appropriate to exercise any of their respective powers under Parts 1 to 3 of the Banking Act 2009 or under Schedule 11 to the Financial Services and Markets Act 2023, and

(b) the Treasury might reasonably be expected to regard it as appropriate to incur expenditure in connection with the exercise of any of those powers (whether by the Treasury, the Bank, the PRA, the FCA or the Secretary of State).

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