The Bank's functions are being updated. You will see some changes to what the Bank can do. The Bank can now issue warnings, reports, or guidelines to help with compliance with certain legislation, as stated in the section 10(1)(b)(iii) of the Act. The Bank's role in dealing with difficulties is also being clarified, for example, when it acts as the resolution authority for a licensed deposit taker in resolution, as mentioned in section 10(1)(b)(iv).

The Bank is also getting a new task, which is to manage and administer the depositor compensation scheme under the Deposit Takers Act 2023. This includes doing the things set out in section 195 of that Act, as stated after section 10(1)(b). You can find more information about the Bank's functions in the relevant Acts.