Financial Services and Markets Act 2000 (c. 8)

[F1 PART 1A U.K. The Regulators

Textual Amendments

F1 Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.

CHAPTER 2 U.K. The Prudential Regulation Authority

The PRA's general duties U.K.

[F2 2H Secondary [F3 objectives] and duty to have regard to regulatory principles U.K.

[F4 (1) When discharging its general functions in a way that advances its objectives (see section 2F), the PRA must, so far as reasonably possible, act in a way that advances the following secondary objectives—

(a) the competition objective, and

(b) the competitiveness and growth objective.

(1A) The competition objective is: facilitating effective competition in the markets for services provided by PRA-authorised persons in carrying on regulated activities.

(1B) The competitiveness and growth objective is: facilitating, subject to aligning with relevant international standards—

(a) the international competitiveness of the economy of the United Kingdom (including in particular the financial services sector through the contribution of PRA-authorised persons), and

(b) its growth in the medium to long term.]

(2) In discharging its general functions, the PRA must also have regard to the regulatory principles in section 3B.]]

Textual Amendments

F2 S. 2H substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 130(1), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

F3 Word in s. 2H heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 25(4)(a), 86(3) (with savings in The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023 (S.I. 2023/936), reg. 4); S.I. 2023/779, reg. 4(p)

F4 S. 2H(1)-(1B) substituted for s. 2H(1) (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 25(4)(b), 86(3) (with savings in The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023 (S.I. 2023/936), reg. 4); S.I. 2023/779, reg. 4(p)

Modifications etc. (not altering text)

C1 S. 2H(1) applied (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 1 para. 4(3) (with reg. 7)