Part I The Regulator
The Authority’s general duties
2 The Authority’s general duties.
1
In discharging its general functions the Authority must, so far as is reasonably possible, act in a way—
a
which is compatible with the regulatory objectives; and
b
which the Authority considers most appropriate for the purpose of meeting those objectives.
2
The regulatory objectives are—
a
market confidence;
F1ab
financial stability;
b
public awareness;
c
the protection of consumers; and
d
the reduction of financial crime.
3
In discharging its general functions the Authority must have regard to—
a
the need to use its resources in the most efficient and economic way;
b
the responsibilities of those who manage the affairs of authorised persons;
c
the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;
d
the desirability of facilitating innovation in connection with regulated activities;
e
the international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom;
f
the need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions;
g
the desirability of facilitating competition between those who are subject to any form of regulation by the Authority.
4
The Authority’s general functions are—
C1a
its function of making rules under this Act (considered as a whole);
b
its function of preparing and issuing codes under this Act (considered as a whole);
C2c
its functions in relation to the giving of general guidance (considered as a whole); and
d
its function of determining the general policy and principles by reference to which it performs particular functions.
5
“General guidance” has the meaning given in section 158(5).