Financial Services and Markets Act 2000

This section has no associated Explanatory Notes

23(1)[F1Sub-paragraphs (2) and (2A) apply] if a UK firm—E+W+S+N.I.

(a)has a Part IV permission; and

(b)is exercising an EEA right to carry on any Consumer Credit Act business in an EEA State other than the United Kingdom.

(2)The Authority may exercise its power under section 45 in respect of the firm if [F2the Office of Fair Trading] has informed the Authority that—

(a)the firm,

(b)any of the firm’s employees, agents or associates (whether past or present), or

(c)if the firm is a body corporate, a controller of the firm or an associate of such a controller,

has done any of the things specified in paragraphs [F3(a) to (e) of section 25(2A)] of the M1Consumer Credit Act 1974.

[F4(2A)The Authority may also exercise its power under section 45 in respect of the firm if the Office of Fair Trading has informed the Authority that it has concerns about any of the following—

(a)the firm's skills, knowledge and experience in relation to Consumer Credit Act businesses;

(b)such skills, knowledge and experience of other persons who are participating in any Consumer Credit Act business being carried on by the firm;

(c)practices and procedures that the firm is implementing in connection with any such business.]

(3)Associate”, “Consumer Credit Act business” and “controller” have the same meaning as in section 203.

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Amendments (Textual)

Commencement Information

I1Sch. 3 Pt. III para. 23 wholly in force at 1.12.2001; Sch. 3 Pt. III para. 23 not in force at Royal Assent see s. 431(2); Sch. 3 Pt. III para. 23 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b)(c) Sch. Pts. 2, 3; Sch. 3 Pt. III para. 23 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; Sch. 3 Pt. III para. 23 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

Marginal Citations