36 Control of business transfersThe 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.
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.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
0330 161 1234