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Home > Financial Stability > Legislative framework for the UK resolution regime

Legislative framework for the UK resolution regime

​Aims and objectives  |  Key features of the resolution regime  |  Tools available within the resolution regime  |  Legislative framework for the UK resolution regime

​The UK’s permanent resolution regime was put in place in 2009 and has been enhanced subsequently.

The regime was first established by the Banking Act 2009, which also established a statutory objective for the Bank to protect and enhance the financial stability of the United Kingdom.

The Financial Services Act 2012 extended the scope of the regime to bank holding companies, central counterparties and certain investment firms and their group companies. These amendments were ‘switched on’ on 1 August 2014.

From January 2015, with the transposition into UK law of the European Union Bank Recovery and Resolution Directive (BRRD), the Bank will have an augmented set of legal powers for banks, building societies and certain investment firms that complies with international standards for resolution regimes.