| Commentary

36 Control of business transfers

| Commentary

36 Control of business transfers

The Financial Services and Markets Act 2000 provides a mechanism for transferring all or part of the business of certain kinds of persons authorised under the Act with the sanction of the court, without requiring the approval of all those who may be affected by the transfer1. Broadly, this regime covers transfers of insurance, banking and reclaim fund businesses and replaces previous arrangements. In relation to transfers of banking businesses, it is intended to provide a quicker and cheaper mechanism than under the former arrangements, which usually required a private act of Parliament.

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