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HMRC internal manual

Corporate Finance Manual

Understanding corporate finance: the legal and regulatory framework: regulated entities: banks: list of recognised banks

List of recognised banks

A list of companies or other entities that are recognised as banks is maintained by the FSA.

Two main classes of institution qualify:

  • A person who has permission from the FSA, under Part 4 of Financial Services and Markets Act 2000 (‘FSMA 2000’), to carry on a regulated activity of accepting deposits (with exceptions set out in FSMA 2000)
  • EEA credit institutions with ‘passport rights’. When a firm sets up a branch in the UK, the regulatory authority in its home state sends a consent notice to the FSA. The FSA then authorises the firm (under paragraph 15 Schedule 3 FSMA 2000) to accept deposits in the UK through that branch.

ICTA88/S840A and ITA07/S991 also allow a relevant international organisation - defined as an international organisation of which the UK is a member - to be designated as a bank by Treasury order. SI1996/1179 designated the European Investment Bank.

In addition, ICTA88/S840A and ITA07/S991 ensures that the Bank of England (which is exempted from FSA regulation) is included within the definition of ‘bank’). The Bank of England is the central bank of the UK. Amongst other things its role is:

  • maintain monetary and financial stability in the UK economy,
  • act as banker to other banks,
  • act as banker to the Government
  • issue bank notes in England & Wales
  • manage gold and foreign exchange reserves

For more information about the role of the Bank of England see its website at

Where ICTA/S840A or ITA07/S991 do not apply, the case law definition above will apply.