Sch 12 para 8
(1) A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources. (2) “ Relevant authority ” means— (a) if the transferee is a PRA-authorised person with a Part 4A permission ..., the PRA; (aa) if the transferee is a person with Part 4A permission ... but is not a PRA-authorised person, the FCA; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) if the transferee does not fall within paragraph (a) or (aa) , the authority responsible for the supervision of the transferee’s business in the place in which the transferee has its head office. (3) In sub-paragraph (2), any reference to a transferee of a particular description of person includes a reference to a transferee who will be of that description if the proposed banking business transfer scheme takes effect.