SCHEDULES
F5SCHEDULE 1AFurther provision about the consumer financial education body
Part 2Funding
Meaning of “the relevant costs”
11
1
In this Part of this Schedule “the relevant costs” means—
a
the expenses incurred by the F6FCA in establishing the consumer financial education body; and
b
the expenses incurred, or expected to be incurred, by the consumer financial education body in connection with the discharge of the consumer financial education function.
2
For the purposes of sub-paragraph (1)(a) it does not matter when the expenses were incurred.
Funding of the relevant costs by authorised persons F4, payment service providers or electronic money issuers
Words in cross-heading preceding Sch. 1A para. 12 substituted (9.2.2011 for certain purposes, otherwise 30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(a)(xv)(b), 79, Sch. 4 para. 2(6)(a) (with art. 3)
12
1
For the purpose of meeting a proportion of the relevant costs the F7FCA may makes rules requiring—
a
authorised persons F1, electronic money issuers or payment service providers, or
b
any specified class of authorised person F2, electronic money issuer or payment service provider,
to pay to the F7FCA specified amounts or amounts calculated in a specified way.
2
Before making the rules the F7FCA must have regard to other anticipated sources of funding of the relevant costs.
3
The amounts to be paid under the rules may include a component to cover the expenses of the F7FCA in collecting the payments (“collection costs”).
4
The F7FCA must pay to the consumer financial education body the amounts that it receives under the rules apart from amounts in respect of its collection costs (which it may keep).
F34A
“Electronic money issuer” means a person who is an electronic money issuer for the purposes of the Electronic Money Regulations 2011 as a result of falling within any of paragraphs (a) to (e) and (h) to (j) of the definition in regulation 2(1).
5
“Payment service provider” means a person who is a payment service provider for the purposes of the Payment Services Regulations 2009 as a result of falling within any of paragraphs (a) to (f) of the definition in regulation 2(1).
6
“Specified” means specified in the rules.
Funding of the relevant costs by consumer credit licensees etc
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Funding by grants or loans etc made by Treasury or Secretary of State
14
1
The Treasury or the Secretary of State may—
a
make grants or loans, or
b
provide any other form of financial assistance,
to the consumer financial education body for the purpose of meeting any expenses incurred by it in connection with the discharge of the consumer financial education function.
2
Any grant or loan or other form of financial assistance under this paragraph may be made or provided subject to such terms as the Treasury or the Secretary of State consider appropriate.
3
Any expenses incurred by the Treasury or the Secretary of State under this paragraph are to be met out of money provided by Parliament.
Sch. 1A inserted (8.4.2010 for certain purposes and 1.4.2011 otherwise) by Financial Services Act 2010 (c. 28), ss. 2(6), 26(1)(b)(k), Sch. 1 para. 1 (with Sch. 1 para. 2); S.I. 2010/2480, art. 3