422 [Formerly authorised banks]
422 [Formerly authorised banks]

[(1)     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—

(a)     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

(b)     does not have permission under [Part 4A] of the Financial Services and Markets Act 2000 (c 8) (regulated activities) to accept deposits.

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