Financial Services Act 2010

(165A) (1) The Authority may, by notice in writing given to a person to whom this section applies, require the person— (a) to provide specified information or information of a specified description; or (b) to produce specified documents or documents of a specified description. (2) This section applies to— (a) a person who has a legal or beneficial interest in any of the assets of a relevant investment fund; (b) a person who is responsible for the management of a relevant investment fund; (c) a person (a “service provider”) who provides any service to an authorised person; (d) a person prescribed by an order made by the Treasury or any person of a description prescribed by such an order (and see also section 165C); (e) a person who is connected with a person to whom this section applies as a result of any of the above paragraphs. (3) This section applies only to information and documents that the Authority considers are, or might be, relevant to the stability of one or more aspects of the UK financial system. (4) A notice may be given to a service provider, or to a person who is connected with a service provider, only if the Authority considers that— (a) the service or the way in which it (or any part of it) is provided, or (b) any failure to provide the service (or any part of it), poses, or would be likely to pose, a serious threat to the stability of the UK financial system. (5) Information or documents required under this section must be provided or produced— (a) before the end of such reasonable period as may be specified; and (b) at such place as may be specified. (6) The Authority may require any information provided under this section to be provided in such form as it may reasonably require. (7) The Authority may require— (a) any information provided, whether in a document or otherwise, to be verified in such manner as it may reasonably require; or (b) any document produced to be authenticated in such manner as it may reasonably require. (8) In this section— - “management” includes any of the activities listed in Annex II to the UCITS directive; - “relevant investment fund” means an investment fund whose assets consist of or include financial instruments which— 1. are traded in the United Kingdom; or 2. were issued by a body incorporated in the United Kingdom; - “service” includes facility; - “specified” means specified in the notice. (9) For the purposes of the definition of “relevant investment fund”— (a) arrangements may constitute an investment fund even if there is only one person participating in the arrangements; and (b) the reference to financial instruments has the meaning given by Article 4.1(17) of the markets in financial instruments directive. (10) For the purposes of this section a person is connected with another person (“A”) if the person is or has at any relevant time been— (a) a member of A's group; (b) a controller of A; (c) any other member of a partnership of which A is a member; or (d) in relation to A, a person mentioned in Part 1 of Schedule 15 (reading references in that Part to the authorised person as references to A). (165B) (1) If the Authority proposes to impose a requirement on a person under section 165A, it must give the person a notice in writing warning the person that the Authority is proposing to impose the requirement. (2) The notice under subsection (1) must— (a) give the Authority's reasons for proposing to impose the requirement; and (b) specify a reasonable period within which the person may make representations to the Authority. (3) The Authority must then decide, within a reasonable period, whether to impose the requirement. (4) Subsections (1) to (3) do not apply in any case where the Authority is satisfied that it is necessary for the information or documents to be provided or produced without delay. (5) If the Authority imposes a requirement on a person under section 165A, the notice under that section must give the Authority's reasons for imposing the requirement. (6) The Authority must prepare a statement of its policy with respect to the exercise of the power conferred by section 165A. (7) The statement requires the approval of the Treasury. (8) If the Treasury approve the statement, the Authority must publish it. (9) The power conferred by section 165A may not be exercised before the statement has been published. (165C) (1) The Treasury may make an order under section 165A(2)(d) only if they consider that— (a) the activities carried on by the prescribed person or persons of the prescribed description, or the way in which those activities (or any part of them) are carried on, or (b) any failure to carry on those activities (or any part of them), pose, or would be likely to pose, a serious threat to the stability of the UK financial system. (2) Subject as follows, an order under section 165A(2)(d) may not be made unless a draft of the order has been laid before, and approved by a resolution of, each House of Parliament. (3) Subsection (2) does not apply in any case where the Treasury are satisfied that it is necessary to make an order under section 165A(2)(d) without laying a draft for approval. (4) In that case, the order— (a) must be laid before Parliament after being made; and (b) ceases to have effect at the end of the relevant period unless before the end of that period it is approved by a resolution of each House of Parliament. (5) If an order ceases to have effect as a result of subsection (4)(b) that does not affect— (a) anything done under it; or (b) the power to make a new one. (6) “Relevant period” means a period of 28 days beginning with the day on which the order is made. (7) In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days. (8) If a statutory instrument containing an order under section 165A(2)(d) would, apart from this subsection, be treated as a hybrid instrument for the purposes of the Standing Orders of either House of Parliament, it is to proceed in that House as if it were not a hybrid instrument.

• (3) After section 169 insert—

(169A) (1) At the request of an overseas regulator, the Authority may exercise a corresponding section 165A power. (2) An “overseas regulator” means an authority in a country or territory outside the United Kingdom which exercises functions with respect to the stability of the financial system operating in that country or territory. (3) A “corresponding section 165A power” means a power corresponding to the one conferred by section 165A, but reading references in that section to the stability of the UK financial system as references to the stability of the financial system operating in the country or territory of the overseas regulator. (4) The following provisions apply in relation to the exercise of the corresponding section 165A power— (a) section 165B(1) to (5); and (b) section 169(3), (4)(a) and (d), (5) and (6). (5) In this section “the financial system” includes— (a) financial markets and exchanges; (b) activities that would be regulated activities if carried on in the United Kingdom; and (c) other activities connected with financial markets and exchanges.

Asset protection scheme etc

19

• (1) The Treasury may, by notice in writing, require a person who participates (or is proposing to participate) in the asset protection scheme or a qualifying scheme—

• (a) to provide such information, or

• (b) to produce such documents,

as they may reasonably require for the purposes of, or in connection with, the scheme or a relevant scheme agreement.

• (2) “The asset protection scheme” means the scheme known as the Asset Protection Scheme that was the subject of a statement made by the Chancellor of the Exchequer on 26 February 2009.

• (3) “Qualifying scheme” means a scheme specified in an order made by the Treasury.

• (4) “Relevant scheme agreement” means an agreement entered into (or proposed to be entered into) under the asset protection scheme or a qualifying scheme.

• (5) The information or documents must be provided or produced at such times, and at such place, as the Treasury may specify in the notice.

• (6) The Treasury may require the information to be provided in such form as they may reasonably require.

• (7) A requirement imposed on a person as a result of this section is enforceable by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

• (8) The Treasury may specify a scheme in an order under subsection (3) only if it appears to them that the purpose of the scheme corresponds to, or is connected with, the purpose of the asset protection scheme.

• (9) An order under subsection (3) is subject to negative resolution procedure.

Banking Act 2009

Services forming part of recognised inter-bank payment systems

20

In Part 5 of the Banking Act 2009 (inter-bank payment systems), after section 206 insert—

(206A) (1) The Treasury may by order make provision applying any provision of this Part to persons who are service providers in relation to a recognised inter-bank payment system. (2) A person is a service provider in relation to a recognised inter-bank payment system if— (a) the person provides services that form part of the arrangements constituting the system, and (b) the person is specified as a person within paragraph (a) by the Treasury in the recognition order made in respect of the system. (3) Telecommunication or information technology services are examples of the kind of services that may fall within subsection (2)(a). (4) Before specifying persons under subsection (2)(b), the Treasury must— (a) consult the Bank of England and the FSA, (b) notify the operator of the system and the persons whom the Treasury proposes to specify, and (c) consider any representations made. (5) The Treasury may not specify the Bank of England under subsection (2)(b). (6) Before making an order under subsection (1), the Treasury must consult— (a) the Bank of England, (b) the FSA, and (c) such other persons as the Treasury consider appropriate. (7) An order under subsection (1)— (a) may modify any provision of this Part in its application to persons who are service providers in relation to a recognised inter-bank payment system; (b) may (but need not) take the form of textual amendment. (8) An order under subsection (1)— (a) is to be made by statutory instrument, and (b) may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

Minor amendments of provision made by Banking Act 2009

21

• (1) The Banking Act 2009 is amended as follows.

• (2) After section 48 insert—

(48A) (1) The provision that may be made by a property transfer instrument or order in reliance on section 33(1)(b), 42(3)(b), 43(3)(b), 44(4)(c), 45(3)(b) or 46(3)(b) includes provision for the creation of liabilities. (2) The provision may be framed by reference to an agreement which has been or is to be entered into, or anything else which has been or is to be done, by any person (including a person other than the person making the instrument or order).

• (3) In section 55 (independent valuer: supplemental), at the end insert—

(10) But subsection (9)(b) does not apply if the order is contained in a statutory instrument that contains an order to which section 62 applies.

• (4) In section 56 (independent valuer: money)—

• (a) in subsection (1), after paragraph (c) (but before the “and” at the end of it) insert—

(ca) persons mentioned in section 54(4)(b),

, and

• (b) at the end insert—

(6) But subsection (5)(b) does not apply if the order is contained in a statutory instrument that contains an order to which section 62 applies.

• (5) In section 84 (application of Part 1 to building societies), in the entry in the table relating to sections 49 to 62, in paragraph (c) of the third column, at the end insert “ but the Treasury may make a third party compensation order ”.

• (6) In section 145(6) (bank administration: general powers, duties and effect), in table 1 of applied provisions (Schedule B1 to the Insolvency Act 1986), for the entry relating to paragraph 80 substitute—

Para. 79	Termination: successful rescue	aIgnore sub-para. (2).bSee section 153.

• (7) In section 153 (successful rescue), for subsections (2) and (3) substitute—

(2) The bank administrator shall make an application under paragraph 79 of Schedule B1 to the Insolvency Act 1986 (court ending administration on achievement of objectives). (3) A bank administrator who makes an application in accordance with subsection (2) must send a copy to the FSA.

• (8) In section 219(3A) of the Financial Services and Markets Act 2000 (which was inserted by section 176(6) of the Banking Act 2009)—

• (a) after “a bank,” insert “ building society or credit union, ”, and

• (b) for “the bank or the Bank of England” substitute “ the bank, building society or credit union, or the Bank of England, ”.

Director of Savings

Administration of court funds by Director of Savings

22

• (1) In this section “relevant function” means a function of the Accountant General of the Senior Courts (“the Accountant General”) under court funds rules.

• (2) The Director of Savings (“the Director”) may discharge a relevant function if appointed by the Accountant General under court funds rules to do so.

• (3) The functions of the Director that are within section 69(1)(a) of the Deregulation and Contracting Out Act 1994 (contracting out of statutory functions) include any power of the Director, conferred under court funds rules, to discharge a relevant function.

• (4) In this section “court funds rules” means rules under section 38(7) of the Administration of Justice Act 1982.

General

Orders or regulations

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• (1) This section applies to orders or regulations under this Act made by the Treasury or the Secretary of State.

• (2) Orders or regulations—

• (a) may contain incidental, supplementary, consequential, transitory, transitional or saving provision, and

• (b) may make different provision for different cases or circumstances.

• (3) Orders or regulations are to be made by statutory instrument.

• (4) Where orders or regulations are subject to “affirmative resolution procedure” the orders or regulations may not be made unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, each House of Parliament.

• (5) Where orders or regulations are subject to “negative resolution procedure” the statutory instrument containing them is subject to annulment in pursuance of a resolution of either House of Parliament.

Minor and consequential amendments

24

• (1) Schedule 2 contains minor and consequential amendments.

• (2) In that Schedule—

• Part 1 contains amendments of the Financial Services and Markets Act 2000, and

• Part 2 contains amendments of other legislation.

• (3) The Treasury or the Secretary of State may by order make such other provision amending, repealing or revoking any enactment as they consider necessary or expedient in consequence of any provision made by this Act.

• (4) “Enactment” includes—

• (a) an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978,

• (b) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament,

• (c) an enactment contained in, or in an instrument made under, Northern Ireland legislation, or

• (d) an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales.

• (5) An order under subsection (3) is subject to negative resolution procedure.

Extent

25

This Act extends to England and Wales, Scotland and Northern Ireland.

Commencement

26

• (1) The following provisions of this Act come into force on the day on which this Act is passed—

• (a) section 1,

• (b) section 2(1) and (5) to (8) (subject, in the case of subsection (6), to the exception mentioned in paragraph (k)),

• (c) section 3(1) and (4),

• (d) sections 4 and 5,

• (e) section 16,

• (f) sections 19 to 23,

• (g) in section 24—

• (i) subsections (1) and (2) so far as relating to the paragraphs of Schedule 2 mentioned in paragraph (l), and

• (ii) subsections (3) to (5),

• (h) section 25,

• (i) this section,

• (j) section 27,

• (k) Schedule 1 except so far as that Schedule relates to paragraph 13, 15 or 16 of Schedule 1A to the Financial Services and Markets Act 2000, and

• (l) paragraphs 1 to 6, 11, 13, 16(1) and (2), 22, 24(1) and (2), 25, 27, 28, 30 to 32, 33(1) and (3), 34, 35, 37 to 45 and 48 of Schedule 2.

• (2) The following provisions of this Act come into force at the end of the period of 2 months beginning with the day on which this Act is passed—

• (a) section 3(2), (3) and (5),

• (b) sections 6 to 12,

• (c) section 18,

• (d) section 24(1) and (2) so far as relating to the paragraphs of Schedule 2 mentioned in paragraph (e), and

• (e) paragraphs 7 to 10, 12, 14, 15, 16(3), 17 to 20, 26, 29, 33(4), 46 and 47 of Schedule 2.

• (3) The other provisions of this Act come into force on such day as the Treasury or the Secretary of State may by order appoint (and different days may be appointed for different purposes).

• (4) The Treasury or the Secretary of State may by order make such provision as they consider necessary or expedient for transitory, transitional or saving purposes in connection with the commencement of any provision made by this Act.

Short title

27

This Act may be cited as the Financial Services Act 2010.

SCHEDULE 1

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SCHEDULE 2

Part 1 — Amendments of Financial Services and Markets Act 2000

1

The Financial Services and Markets Act 2000 is amended as follows.

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6

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7

In the italic cross-heading before section 64, at the end insert “ of approved persons ”.

8

• (1) Section 66 (performance of regulated activities: disciplinary powers) is amended as follows.

• (2) After subsection (5) insert—

(5A) Approval” means an approval given under section 59.

• (3) In subsection (7), omit “under section 59”.

• (4) After that subsection insert—

(8) In relation to any time while a suspension is in force under subsection (3)(aa) in relation to part of a function, any reference in section 59 or 63A to the performance of a function includes the performance of part of a function. (9) If at any time a restriction imposed under subsection (3)(ab) is contravened, the approval in relation to the person concerned is to be treated for the purposes of sections 59 and 63A as if it had been withdrawn at that time.

9

• (1) Section 67 (disciplinary measures: procedure and right to refer to Tribunal) is amended as follows.

• (2) In subsection (1), at the end insert “ ; and if it proposes to take action under subsection (3)(aa) or (ab) of that section, it must also give each of the other interested parties a warning notice. ”

• (3) After subsection (2) insert—

(2A) A warning notice about a proposal— (a) to suspend an approval, or (b) to impose a restriction in relation to the performance of a function, must state the period for which the suspension or restriction is to have effect.

• (4) In subsection (4), at the end insert “ ; and if it decides to take action under subsection (3)(aa) or (ab) of that section, it must also give each of the other interested parties a decision notice. ”

• (5) After subsection (5) insert—

(5A) A decision notice about— (a) the suspension of an approval, or (b) the imposition of a restriction in relation to the performance of a function, must state the period for which the suspension or restriction is to have effect.

• (6) In subsection (7), at the end insert “ ; and if the Authority decides to take action under section 66(3)(aa) or (ab), each of the other interested parties may also refer the matter to the Tribunal. ”

• (7) After that subsection insert—

(8) Approval” means an approval given under section 59. (9) “Other interested parties”, in relation to an approved person (“A”), are— (a) the person on whose application the approval was given (“B”); and (b) the person by whom A's services are retained, if not B. The reference in this subsection to an approved person has the same meaning as in section 64.

10

• (1) Section 69 (statement of policy) is amended as follows.

• (2) In subsection (1), for paragraphs (a) and (b) substitute—

(a) the imposition of penalties, suspensions or restrictions under section 66; (b) the amount of penalties under that section; and (c) the period for which suspensions or restrictions under that section are to have effect.

• (3) In subsection (2)—

• (a) in the opening words, after “should be” insert “ , or what the period for which a suspension or restriction is to have effect should be, ”, and

• (b) in paragraph (c), for “the person on whom the penalty is to be imposed” substitute “ the person against whom action is to be taken ”.

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15

In section 165 (FSA's power to require information), in the heading, at the end insert “ : authorised persons etc ”.

16

• (1) Section 168 (appointment of persons to carry out investigations in particular cases) is amended as follows.

• (2) In subsection (4), in paragraph (c), for “an authorised person” substitute “ a person ”.

• (3) In that subsection, after paragraph (h) insert—

(ha) a person may have performed a controlled function without approval for the purposes of section 63A;

.

17

In section 176(11)(a) (entry of premises under warrant), after “165” insert “ , 165A, 169A ”.

18

• (1) Section 207 (proposal to take disciplinary measures) is amended as follows.

• (2) In subsection (1), omit the “or” before paragraph (b) and at the end of that paragraph insert

or (c) to suspend a permission of an authorised person or impose a restriction in relation to the carrying on of a regulated activity by an authorised person (under section 206A),

.

• (3) At the end insert—

(4) A warning notice about a proposal to suspend a permission or impose a restriction must state the period for which the suspension or restriction is to have effect.

19

• (1) Section 208 (decision notice) is amended as follows.

• (2) In subsection (1), omit the “or” before paragraph (b) and at the end of that paragraph insert

or (c) to suspend a permission or impose a restriction under section 206A (whether or not in the manner proposed),

.

• (3) After subsection (3) insert—

(3A) In the case of a suspension or restriction, the decision notice must state the period for which the suspension or restriction is to have effect.

• (4) In subsection (4), omit the “or” before paragraph (b) and at the end of that paragraph insert

or (c) suspend a permission of an authorised person, or impose a restriction in relation to the carrying on of a regulated activity by an authorised person, under section 206A,

.

20

• (1) Section 210 (statements of policy) is amended as follows.

• (2) In subsection (1), for paragraphs (a) and (b) substitute—

(a) the imposition of penalties, suspensions or restrictions under this Part; (b) the amount of penalties under this Part; and (c) the period for which suspensions or restrictions under this Part are to have effect.

• (3) In subsection (2)—

• (a) in the opening words, after “should be” insert “ , or what the period for which a suspension or restriction is to have effect should be, ”, and

• (b) in paragraph (c), for “the person on whom the penalty is to be imposed” substitute “ the person against whom action is to be taken ”.

• (4) In subsection (7), after “206” insert “ or 206A ”.

21

In section 212(2) (the scheme manager), after “those functions” insert “ and the functions conferred on it by or under Part 15A ”.

22

In section 219(3A) (scheme manager's power to require information), for “applying regulations under section 214B(3) above” substitute “ determining the matters mentioned in section 214D(2)(a) and (b) above ”.

23

In section 221A(3) (delegation of functions of FSCS manager), after “management expenses of the scheme manager” insert “ except where the function in question is one under Part 15A ”.

24

• (1) Section 223 (FSCS manager's management expenses) is amended as follows.

• (2) In subsection (3), in paragraph (c), after “214B” insert “ or 214D ”.

• (3) After that paragraph insert—

(d) under Part 15A.

25

• (1) Section 224A (functions under the Banking Act 2009) is amended as follows.

• (2) The existing provision becomes subsection (1) of that section.

• (3) After that subsection insert—

(2) Any payment required to be made by the scheme manager by virtue of section 61 of that Act (special resolution regime: compensation) is to be treated for the purposes of this Part as an expense under the compensation scheme.

26

In section 348(5)(d) (restrictions on disclosure of confidential information by Authority etc), after “a person appointed” insert “ to collect or update information under section 139E or ”.

27

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28

In section 391 (publication), for subsection (11) substitute—

(11) Section 425A (meaning of “consumers”) applies for the purposes of this section.

29

• (1) Section 392 (warning and decision notices: third party rights and access to evidence) is amended as follows.

• (2) In paragraph (a)—

• (a) after “63(3),” insert “ 63B(1), ”, and

• (b) after “126(1),” insert “ 131H(1), ”.

• (3) In paragraph (b)—

• (a) after “63(4),” insert “ 63B(3), ”, and

• (b) after “127(1),” insert “ 131H(4), ”.

30

After section 415 insert—

(415A) Any power which the Authority has under any provision of this Act is not limited in any way by any other power which it has under any other provision of this Act.

31

In section 417(1) (definitions), after the definition of “UK authorised person” (but before the “and” at the end of it) insert—

“the UK financial system”has the meaning given in section 3;

.

32

After section 425 insert—

(425A) (1) This section has effect for the purposes of the provisions of this Act which apply this section. (2) “Consumers” means persons who— (a) use, have used or may use any of the services within subsection (3); or (b) have relevant rights or interests in relation to any of those services. (3) The services within this subsection are services provided by— (a) authorised persons in carrying on regulated activities; (b) authorised persons who are investment firms, or credit institutions, in providing relevant ancillary services; or (c) persons acting as appointed representatives. (4) A person (“P”) has a “relevant right or interest” in relation to any services within subsection (3) if P has a right or interest— (a) which is derived from, or is otherwise attributable to, the use of the services by others; or (b) which may be adversely affected by the use of the services by persons acting on P's behalf or in a fiduciary capacity in relation to P. (5) If a person is providing a service within subsection (3) as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or may use the service. (6) A person who deals with another person (“A”) in the course of A providing a service within subsection (3) is to be treated as using the service. (7) In this section— - “credit institution” means— 1. a credit institution authorised under the banking consolidation directive; or 2. an institution which would satisfy the requirements for authorisation as a credit institution under that directive if it had its registered office (or if does not have one, its head office) in an EEA State; - “relevant ancillary service” means any service of a kind mentioned in Section B of Annex I to the markets in financial instruments directive the provision of which does not involve the carrying on of a regulated activity.

33

• (1) Section 429 (Parliamentary control of statutory instruments) is amended as follows.

• (2) In subsection (1)(a)—

• (a) omit “404”, and

• (b) after “236(5),” insert “ 404G ”.

• (3) In subsection (2), after “214B” insert “ , 214D ”.

• (4) In subsection (8), after “one made under section” insert “ 165A(2)(d) or ”.

34

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35

• (1) In Schedule 4 (treaty rights), paragraph 1 is amended as follows.

• (2) The existing provision becomes sub-paragraph (1) of that paragraph.

• (3) In that sub-paragraph, omit the definition of “consumers”.

• (4) After that sub-paragraph insert—

(2) Section 425A (meaning of “consumers”) applies for the purposes of this Schedule.

Part 2 — Amendments of other legislation

Consumer Credit Act 1974

36

In section 25(2A)(b) of the Consumer Credit Act 1974 (evidence as to whether a licensee is a fit person), after sub-paragraph (i) insert—

(ia) paragraph 13 of Schedule 1A to the Financial Services and Markets Act 2000;

.

Contracting Out (Functions Relating to National Savings) Order 1998

37

In article 3 of the Contracting Out (Functions Relating to National Savings) Order 1998 (contracting out of functions), after paragraph (2) insert—

(3) Any function conferred on the Director under rules made under section 38(7) of the Administration of Justice Act 1982 (court funds rules) may be exercised by, or by employees of, such person (if any) as may be authorised in that behalf by the Director.

Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006

38

In the Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006, omit regulation 3(b)(ii) (which made an amendment of the Financial Services and Markets Act 2000 superseded by this Act).

Banking Act 2009

39

The Banking Act 2009 is amended as follows.

40

In section 1(6) (table describing provisions of Part 1), in the entry relating to sections 33 to 48, for “48” substitute “ 48A ”.

41

In section 61(2)(b) (sources of compensation), for the words from “subject” to “below),” substitute “ subject to section 214C of the Financial Services and Markets Act 2000 (limit on amount of special resolution regime payments), ”.

42

In section 83(2)(h) (supplemental), omit “- inserted by section 171 below”.

43

Omit section 171 (which made amendments of the Financial Services and Markets Act 2000 superseded by this Act).

44

In section 183(c) (interpretation of expressions for purposes of Part 5), omit “to “the financial system””.

45

In section 204(1)(a) (inter-bank payment systems: information), after “order” insert “ or an order under section 206A ”.

46

Omit section 248 (which made an amendment of the Financial Services and Markets Act 2000 superseded by this Act).

47

In section 250(2) (collection of information by FSA relevant to financial stability)—

• (a) after “section 165” insert “ or 165A ”, and

• (b) after “as qualified” insert “ , in the case of the section 165 power, ”.

48

• (1) Section 259 (statutory instruments) is amended as follows.

• (2) In the table in subsection (3), omit the entry relating to section 171.

• (3) In that table, after the entry relating to section 204 insert—

206A	Services forming part of recognised inter-bank payment systems	Draft affirmative resolution

• (4) In subsection (5), omit paragraph (o) and the “and” before it.

Enhancing public understanding of financial matters etc

Enhancing public understanding of financial matters etc

Performance of controlled function without approval

Executives' remuneration reports: supplementary

Power of FSA to prohibit, or require disclosure of, short selling

Power to require FSCS manager to act in relation to other schemes

Approved persons guilty of misconduct

Publication of decision notices

Consumer redress schemes

Contribution to costs of special resolution regime

Power to require FSCS manager to act in relation to other schemes

Asset protection scheme etc

Orders or regulations

Consumer Credit Act 1974

Contracting Out (Functions Relating to National Savings) Order 1998

Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006

Banking Act 2009

Editorial notes

[^c2030323]: S. 2 partly in force; s. 2(1)(5)(7)(8) in force at Royal Assent and s. 2(6) in force for specified purposes at Royal Assent see s. 26(1)(b)

[^c2030338]: S. 3 wholly in force at 8.6.2010; s. 3(1)(4) in force at Royal Assent and s. 3(2)(3)(5) in force at 8.6.2010 see s. 26(1)(c)(2)(a)

[^c2030326]: S. 24 partly in force; s. 24(3)-(5) in force at Royal Assent, s.24(1)(2) in force for specified purposes at Royal Assent and for further specified purposes at 8.6.2010 see s. 26(1)(g)(2)(d)

[^c2030329]: Sch. 2 para. 16 wholly in force at 8.6.2010; Sch. 2 para. 16(1)(2) in force at Royal Assent and Sch. 2 para. 16(3) in force at 8.6.2010 see s. 26(1)(l)(2)(e)

[^c2030332]: Sch. 2 para. 24 partly in force; Sch. 2 para. 24(1)(2) in force at Royal Assent see s. 26(1)(l)

[^c2030336]: Sch. 2 para. 33 partly in force; Sch. 2 para. 33(1)(3) in force at Royal Assent and Sch. 2 para. 33(4) in force at 8.6.2010 see s. 26(1)(l)(2)(e)

[^key-0aeeeb4e2207d3c5fd47ee61672a653e]: S. 13 in force at 12.10.2010 by S.I. 2010/2480, art. 2(b) (with art. 4)

[^key-ca2606801974cd232c7c91d6fb9c6c23]: S. 14 in force at 12.10.2010 by S.I. 2010/2480, art. 2(c)

[^key-f4ce97305da9edb1d2918b720a4ac835]: S. 17 in force at 12.10.2010 by S.I. 2010/2480, art. 2(d)

[^key-1339b80cf2b8e6934713c23035381cc7]: S. 24(1)(2) in force at 12.10.2010 for specified purposes by S.I. 2010/2480, art. 2(e)

[^key-8f3d421fcaf71323c7cfb7c4cbfec3ab]: Sch. 2 para. 21 in force at 12.10.2010 by S.I. 2010/2480, art. 2(f)

[^key-9ccd1829d8f45283a17b57ef57e3c4e6]: Sch. 2 para. 23 in force at 12.10.2010 by S.I. 2010/2480, art. 2(f)

[^key-1f4b11913f74355ab5f37b01d551396d]: Sch. 2 para. 24(3) in force at 12.10.2010 by S.I. 2010/2480, art. 2(f)

[^key-806b6da68ccfaaef7a48c6319c4f6717]: Sch. 2 para. 33(2) in force at 12.10.2010 by S.I. 2010/2480, art. 2(f)

[^key-29e690cac116bb4b49cc8ade0420ccda]: S. 3(2)-(4) repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-ec13b477823c4e1cfd4ee9549c950346]: Sch. 2 paras. 2-6 repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-c5eb7ede131b2d44aa4c38e7d4b29974]: Sch. 2 paras. 11-14 repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-0b5f0d94774fe4575ec4c1dcea953e91]: S. 1 repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-dee3e6ccea6854df64e6f35848c95f09]: S. 2(2)-(5) repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-4e07040757bfbae10d2435200fdd4367]: S. 6 repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-ef82fae37c037ade742d66f6c2143ef2]: S. 7 repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-120d47a36a8e8b7cb5f69e59b6ee2112]: Sch. 2 para. 27 repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-690201199cb5edae68fc087e572f42ad]: Sch. 2 para. 34 repealed (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 19 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[^key-cc3c61f39f6932c41f48bdce7e919de5]: Sch. 1 omitted (6.4.2021) by virtue of Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 27; S.I. 2021/433, reg. 2(b)(vii)

[^key-75a30ed5885d5295bdd98abc7efa2801]: S. 2(1) omitted (6.4.2021) by virtue of Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 26; S.I. 2021/433, reg. 2(b)(vi)

[^M_F_c0bf9e77-7dbe-4c4d-f1c1-fe56fa6db09c]: S. 2(6) omitted (6.4.2021) by virtue of Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 26; S.I. 2021/433, reg. 2(b)(vi)

[^key-4e3e8b88e71d3599c3941e3950f3e3ef]: S. 8 omitted (14.1.2025 for specified purposes) by virtue of The Short Selling Regulations 2025 (S.I. 2025/29), reg. 2(2)(3), Sch. 2 para. 2(2)

[^key-1472d8276b4dbb655b54df8fa43cdc61]: Sch. 2 para. 29(2)(b) omitted (14.1.2025 for specified purposes) by virtue of The Short Selling Regulations 2025 (S.I. 2025/29), reg. 2(2)(3), Sch. 2 para. 2(3)

[^key-4f1812455699969732bf1796cf94bdec]: Sch. 2 para. 29(3)(b) omitted (14.1.2025 for specified purposes) by virtue of The Short Selling Regulations 2025 (S.I. 2025/29), reg. 2(2)(3), Sch. 2 para. 2(3)

Suspending permission to carry on regulated activities etc

Publication of decision notices

Consumer redress schemes

Restrictions on provision of credit card cheques

Information relating to financial stability

Administration of court funds by Director of Savings