United Kingdom banking law

United Kingdom banking law refers to banking law in the United Kingdom, to control the activities of banks.

History

• Bank of England
• Bank of England Act 1694, given a monopoly on issuing bank notes.
• Bank of England Act
• Bank Charter Act 1844, gave the Bank of England a monopoly on printing money. Issue of notes was tied to the gold reserve. Banks which previously had the right to issue their own notes continued, though after the 1930s, only the Scottish and Northern Ireland banks had survived without being taken over.
• Macmillan Committee (1929)
• Bank of England Act 1946, nationalised the Bank of England
• Girobank 1968

Government regulation

• Bank of England Act 1998, gave the Bank of England administrative independence from government
• Financial Services and Markets Act 2000
• Financial Conduct Authority

Interest rates

• Monetary Policy Committee
• Inflation
• Quantitative Easing
• Unemployment
• Interest rate

Private bank oversight

• Bank of England Act 1998
• Three Rivers DC v Bank of England
• Bank of Credit and Commerce International

Rights and duties

Capital requirements

• Basel III

Depositors' rights

• Sinclair v Brougham
• Banking Act 1979, extended protection over depositors accounts, insured by the government

Governance

• Companies Act 2006

Shareholders' rights

• Kay Review (2014) on short and long term thinking in equity markets
• Walker Review (2009) on bank governance
• Institutional investors

Employees' rights

• Executive remuneration

Markets

Competition law

• Competition Act 1998
• Libor scandal

Insolvency

• Banking (Special Provisions) Act 2008, emergency legislation for the nationalisation of Northern Rock
• Banking Act 2009, created a special insolvency regime for banks, called the special resolution regime, envisaging that banks will be taken over by the government in extreme circumstances.
• Northern Rock, Bradford & Bingley and the Royal Bank of Scotland, and the newly merged HBOS-Lloyds TSB in 2008 as a result of the global financial crisis
• 2008 United Kingdom bank rescue package
• 2009 United Kingdom bank rescue package

See also

• UK company law
• UK public service law
• UK education law
• UK health care law
• UK energy law
• UK media law
• Bank regulation in the United States
• Glass–Steagall Act of 1933
• Depository Institutions Deregulation and Monetary Control Act of 1980

Notes

References

• E Lomnicka and R Hooley, Ellinger's Modern Law of Banking (2012)