Banking Act 1979
Act of the Parliament of the United Kingdom
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The Banking Act 1979 (c. 37) is an act of the Parliament of the United Kingdom that was enacted in the wake of the secondary banking crisis of 1973–1975 to extend the Bank of England's regulatory powers over lenders (banks) and to provide protections for their depositors.[1]
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Long titleAn Act to regulate the acceptance of deposits in the course of a business; to confer functions on the Bank of England with respect to the control of institutions carrying on deposit-taking businesses; to give further protection to persons who are depositors with such institutions; to make provision with respect to advertisements inviting the making of deposits; to restrict the use of names and descriptions associated with banks and banking; to prohibit fraudulent inducement to make a deposit; to amend the Consumer Credit Act 1974 and the law with respect to instruments to which section 4 of the Cheques Act 1957 applies; to repeal certain enactments relating to banks and banking; and for purposes connected therewith.
Introduced byNigel Lawson (Commons)
Territorial extentUnited Kingdom[b]
| Act of Parliament | |
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| Long title | An Act to regulate the acceptance of deposits in the course of a business; to confer functions on the Bank of England with respect to the control of institutions carrying on deposit-taking businesses; to give further protection to persons who are depositors with such institutions; to make provision with respect to advertisements inviting the making of deposits; to restrict the use of names and descriptions associated with banks and banking; to prohibit fraudulent inducement to make a deposit; to amend the Consumer Credit Act 1974 and the law with respect to instruments to which section 4 of the Cheques Act 1957 applies; to repeal certain enactments relating to banks and banking; and for purposes connected therewith. |
|---|---|
| Citation | 1979 c. 37 |
| Introduced by | Nigel Lawson (Commons) |
| Territorial extent | United Kingdom[b] |
| Dates | |
| Royal assent | 4 April 1979 |
| Commencement | 1 October 1979[c] |
| Repealed | 15 July 1987 |
| Other legislation | |
| Amends | |
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| Amended by |
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| Repealed by | Banking Act 1987 s108(2) |
Status: Partially repealed | |
| Text of statute as originally enacted | |
| Revised text of statute as amended | |
| Text of the Banking Act 1979 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
Subsequent developments
The act was substantially repealed by the Banking Act 1987.
