Financial Services (Banking Reform) Bill

Page 7, line 22, leave out from beginning to end of line 42 on page 10, and insert—

“Group restructuring powers

142K          Group restructuring of ring-fenced bodies

(1)   A ring-fenced body may not be part of a group which—

(a)   carries on an excluded activity or purports to do so, or

(b)   contravenes any provision of an order under section 142E.

(2)   The appropriate regulator must exercise the group restructuring
powers if it is satisfied that a ring-fenced body is operating in
contravention of subsection (1).”