Section 99(1)

SCHEDULE 20 Transitional provisions

Interpretation

1 In this Schedule “the relevant commencement” means the time when section
55 comes into force in relation to section 1A(1) of FSMA 2000, (which renames
the Financial Services Authority as the Financial Conduct Authority).

References in this Act to FCA or Financial Services Authority

2 (1) In this Act, unless the context otherwise requires, a reference (however
expressed) to the Financial Services Authority is to be read, in relation to any
10time after the relevant commencement, as a reference to the Financial
Conduct Authority.

(2) In this Act, unless the context otherwise requires, a reference (however
expressed) to the Financial Conduct Authority is to be read, in relation to
any time before the relevant commencement, as a reference to the Financial
15Services Authority

Interpretation of documents referring to the Financial Services Authority

3 (1) In a relevant provision, a reference (however expressed) to the Financial
Services Authority is, in relation to any time after the relevant
commencement, to be read as a reference to the Financial Conduct
20Authority, but subject to sub-paragraph (2).

(2) If the relevant provision is predicated on the continuing exercise by the
Financial Services Authority of a function which has by virtue of this Act
become exercisable by the Prudential Regulation Authority or the Bank of
England, the reference is to be read as being or as the case requires including
25a reference to the Prudential Regulation Authority or the Bank.

(3) Sub-paragraphs (1) and (2) have effect subject to the provisions of any
scheme under paragraph 2 of Schedule 21.

(4) In this paragraph “relevant provision” means a provision which—

(a) has effect before, as well as after, the relevant commencement, and

(b) 30is contained in a document other than an enactment.

Renaming of companies as Financial Conduct Authority and Prudential Regulation Authority

4 (1) On the relevant commencement, the registrar of companies for England and
Wales must give effect to section 1A(1) of FSMA 2000 by—

(a) entering the new name on the register of companies in place of the
former name, and

(b) issuing a new certificate of incorporation altered to take account of
the new name.

(2) 5On the coming into force of section 5 so far as it relates to section 2A(1) of
FSMA 2000, (which renames the Prudential Regulation Authority Limited as
the Prudential Regulation Authority), the registrar of companies for
England and Wales must give effect to that provision by—

(a) entering the new name on the register of companies in place of the
10former name, and

(b) issuing a new certificate of incorporation altered to take account of
the new name.

Threshold conditions

5 Before section 9 comes into force in relation to section 55B of FSMA 2000 (the
15threshold conditions), the Treasury must make an order under section 55C
of that Act which—

(a) amends or replaces Parts 1 and 2 of Schedule 6 to that Act, and

(b) makes provision as to which of the conditions set out in those Parts
of that Schedule are to relate to the discharge by each regulator of its
20functions.

Consultation

6 The requirements of sections 138J and 138K of FSMA 2000 may be satisfied
by consultation undertaken, and other things done, before the
commencement of the section in question or the passing of this Act.

7 (1) 25Sub-paragraph (2) applies where by virtue of any amendment made by this
Act the FCA, the PRA or the Bank of England (each a “successor regulator”)
has power to charge a fee.

(2) The successor regulator on which the power is conferred may rely on any
consultation in relation to the fee that was undertaken by the FCA (wholly
30or in part) before the commencement of the amendment or the passing of
this Act.

Information

8 (1) The FSA may disclose to the PRA any information which the FSA considers
that it is necessary or expedient to disclose to the PRA in preparation for the
35commencement of any provision of this Act conferring functions on the
PRA.

(2) Section 348 of FSMA 2000 (restrictions on disclosure of confidential
information) has effect subject to sub-paragraph (1).

Postal Services Act 2000

9 (1) 40The following amendments of the Postal Services Act 2000 have effect until
the repeal by the Postal Services Act 2011 of the provisions amended has
been brought into force for all purposes.

(2) In section 7 of the Postal Services Act 2000 (exceptions), in subsection (5), in
the definition of “deposit taker”, for “Part 4” substitute “Part 4A”.

(3) In Schedule 7 of that Act (disclosure of information), for paragraph 3(2)(s)
substitute—

“(s) 5the Financial Conduct Authority,

(sa) the Prudential Regulation Authority,”.

Section 99(2)

SCHEDULE 21 Transfer schemes

Interpretation

1 10In this Schedule—

• “the Bank” means the Bank of England;

• “the FSA” means the Financial Services Authority.

Transfer schemes

2 (1) The FSA must make one or more schemes under this paragraph for the
15transfer of property, rights and liabilities of the FSA—

(a) to the PRA or the Bank,

(b) to the PRA and the Bank, to be held jointly, or

(c) to the FSA and either the PRA or the Bank or both, to be held jointly.

(2) A scheme under this paragraph made by the FSA is not to be capable of
20coming into force unless it is approved by the Treasury.

(3) The FSA may not submit a scheme under this paragraph to the Treasury for
their approval without the consent of the Bank.

(4) Sub-paragraph (5) applies if—

(a) the FSA fails, before such time as may be notified to it by the
25Treasury as the latest time for submission of a scheme under this
paragraph in connection with the transfer by or under this Act of
specified functions of the FSA to the PRA , to the Bank, or to the FSA
and the PRA, to submit such a scheme to the Treasury for their
approval, or

(b) 30the Treasury decide not to approve a scheme that has been submitted
to them by the FSA (either with or without modifications).

(5) Where this sub-paragraph applies, the Treasury may, after consultation with
the FSA and the Bank, make a scheme under this paragraph for the transfer
of such of the FSA’s property, rights and liabilities as appear to them
35appropriate to be transferred as mentioned in sub-paragraph (1) in
consequence of the transfer of functions by or under this Act.

(6) The property, rights and liabilities which are the subject of the scheme are
transferred in accordance with the provisions of the scheme on such day as
the scheme may specify.

(7) 40The FSA must provide the Treasury with all such information and other
assistance as they may reasonably require for the purposes of, or otherwise

in connection with, the exercise of any power conferred on the Treasury by
this paragraph.

(8) In the following provisions of this Schedule a scheme under this paragraph
is referred to as a “transfer scheme”.

3 5The property, rights and liabilities that may be the subject of a transfer
scheme include—

(a) any that would otherwise be incapable of being transferred or
assigned, and

(b) rights and liabilities under a contract of employment.

4 10A transfer scheme may—

(a) apportion, or provide for the apportionment of, property, rights and
liabilities,

(b) define the property, rights and liabilities to be transferred by
specifying them or by describing them (including describing them
15by reference to functions that are transferred by or under this Act);

(c) contain provision for the payment of compensation by the PRA or
the Bank to the FSA;

(d) contain provision for the payment of compensation by the FSA, the
PRA or the Bank to any person whose interests are adversely affected
20by the scheme;

(e) may contain supplemental, incidental, transitional and
consequential provision.

5 A transfer scheme which relates to rights and liabilities under a contract of
employment—

(a) 25must provide for the transfer to which the scheme relates to be
treated as if it were a relevant transfer for the purposes of the
Transfer of Undertakings (Protection of Employment) Regulations
2006 (“TUPE”), but

(b) may, in connection with functions becoming exercisable (alone or
30jointly) by the PRA—

(i) provide for the transfer of rights and liabilities under a
contract of employment to the Bank, and

(ii) provide for TUPE to have effect as if the relevant transfer
were a transfer to the Bank.