Search Legislation

Financial Services and Markets Act 2000

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: SCHEDULE 16

 Help about opening options

Version Superseded: 26/07/2013

Status:

Point in time view as at 01/04/2003.

Changes to legislation:

Financial Services and Markets Act 2000, SCHEDULE 16 is up to date with all changes known to be in force on or before 29 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

Section 203(8).

SCHEDULE 16U.K. Prohibitions and Restrictions imposed by [F1OFFICE OF FAIR TRADING]

This schedule has no associated Explanatory Notes

Textual Amendments

Modifications etc. (not altering text)

C1Sch. 16 applied (with modifications) (1.5.2009 for certain purposes and 1.11.2009 otherwise) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2), 26(1) (with reg. 3)

C2Sch. 16 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 31(1) (with reg. 3)

PreliminaryU.K.

1U.K.In this Schedule—

  • appeal period” has the same meaning as in the M1Consumer Credit Act 1974;

  • prohibition” means a consumer credit prohibition under section 203;

  • restriction” means a restriction under section 204.

Marginal Citations

Notice of prohibition or restrictionU.K.

2(1)This paragraph applies if the [F2OFT] proposes, in relation to a firm—U.K.

(a)to impose a prohibition;

(b)to impose a restriction; or

(c)to vary a restriction otherwise than with the agreement of the firm.

(2)The [F2OFT] must by notice—

(a)inform the firm of [F3its] proposal, stating [F3its] reasons; and

(b)invite the firm to submit representations in accordance with paragraph 4.

(3)If [F4the OFT] imposes the prohibition or restriction or varies the restriction, the [F2OFT] may give directions authorising the firm to carry into effect agreements made before the coming into force of the prohibition, restriction or variation.

(4)A prohibition, restriction or variation is not to come into force before the end of the appeal period.

(5)If the [F2OFT] imposes a prohibition or restriction or varies a restriction, [F4the OFT] must serve a copy of the prohibition, restriction or variation—

(a)on the Authority; and

(b)on the firm’s home state regulator.

Textual Amendments

F2Sch. 16: words substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F3Sch. 16: word substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F4Sch. 16: words substituted (1.4.2003) in both places by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

Modifications etc. (not altering text)

C3Sch. 16 para. 2(2) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 24 (with art. 23(2))

Application to revoke prohibition or restrictionU.K.

3(1)This paragraph applies if the [F5OFT] proposes to refuse an application made by a firm for the revocation of a prohibition or restriction.U.K.

(2)The [F5OFT] must by notice—

(a)inform the firm of the proposed refusal, stating [F6its] reasons; and

(b)invite the firm to submit representations in accordance with paragraph 4.

Textual Amendments

F5Sch. 16: words substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F6Sch. 16: word substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

Representations to [F7OFT]U.K.

Textual Amendments

F7Sch. 16: words in substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

4(1)If this paragraph applies to an invitation to submit representations, the [F8OFT] must invite the firm, within 21 days after the notice containing the invitation is given to it or such longer period as [F9the OFT] may allow—U.K.

(a)to submit its representations in writing to [F10the OFT]; and

(b)to give notice to [F10the OFT], if the firm thinks fit, that it wishes to make representations orally.

(2)If notice is given under sub-paragraph (1)(b), the [F8OFT] must arrange for the oral representations to be heard.

(3)The [F8OFT] must give the firm notice of [F11its] determination.

Textual Amendments

F8Sch. 16: words substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F9Sch. 16: words substituted (1.4.2003) in both places by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F10Sch. 16: words substituted (1.4.2003) in both places by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F11Sch. 16: word substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

AppealsU.K.

5U.K.Section 41 of the M2Consumer Credit Act 1974 (appeals to the Secretary of State) has effect as if—

(a)the following determinations were mentioned in column 1 of the table set out at the end of that section—

(i)imposition of a prohibition or restriction or the variation of a restriction; and

(ii)refusal of an application for the revocation of a prohibition or restriction; and

(b)the firm concerned were mentioned in column 2 of that table in relation to those determinations.

Marginal Citations

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources