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There are currently no known outstanding effects for the The Packaged Retail and Insurance-based Investment Products Regulations 2017, Paragraph 1.
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1.—(1) Part 9 of the Act M1 (hearings and appeals), and secondary legislation made under that Part, applies in respect of references made to the Tribunal under these Regulations as it applies in respect of references and appeals made to the Tribunal under the Act in respect of a decision of the FCA, with the modifications set out in this paragraph.
(2) Section 133 (proceedings before Tribunal: general provision) applies as if—
(a)in subsection (1)—
(i)“(whether made under this or any other Act)” were omitted;
(ii)in paragraph (a) “or the PRA” were omitted;
(iii)paragraphs (b) and (c) were omitted;
(b)in subsection (2) “, (b) or (c)” were omitted;
(c)in subsection (5) the reference to section 393(11) were a reference to section 393(11) as applied by these Regulations;
(d)for subsection (7A) there were substituted—
“(7A) A reference is a “disciplinary reference” for the purposes of this section if it is in respect of a decision to publish a statement or impose a penalty under regulation 6 of the Packaged Retail and Insurance-based Investment Products Regulations 2017.”.
(3) Section 133A (proceedings before Tribunal: decision and supervisory notices, etc.) applies as if—
(a)for subsection (1) there were substituted—
“(1) In determining in accordance with section 133(5) (as applied by the Packaged Retail and Insurance-based Investment Products Regulations 2017) a reference made as a result of a decision notice given by the FCA, the Tribunal may not direct the FCA to take action which it would not, under the Packaged Retail and Insurance-based Investment Products Regulations 2017, have had power to take when giving the notice.”;
(b)in subsection (5) “or the PRA” were omitted.
(4) Section 133B(1) (offences) applies as if—
(a)in paragraph (a) “or the PRA” were omitted;
(b)paragraphs (b) and (c) were omitted.
Marginal Citations
M1Part 9 was amended by section 23 of the Financial Services Act 2012, section 4 of the Financial Services (Banking Reform) Act 2013, paragraph 83 of Schedule 9 to the Crime and Courts Act 2013 (c.22), S.I. 2010/22, 2013/1388, 2014/3329 and 2016/680.
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