F1PART 9ARules and Guidance
CHAPTER 2Rules: modification, waiver, contravention and procedural provisions
Contravention of rules
C2C1138DActions for damages
1
A rule made by the PRA may provide that contravention of the rule is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
2
A contravention by an authorised person of a rule made by the FCA is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
3
If rules made by the FCA so provide, subsection (2) does not apply to a contravention of a specified provision of the rules.
4
In prescribed cases, a contravention of a rule which by virtue of subsection (1) or (2) would be actionable at the suit of a private person is actionable at the suit of a person who is not a private person, subject to the defences and other incidents applying to actions for breach of statutory duty.
5
In subsections (1), (2) and (3) “rule” does not include—
a
Part 6 rules;
b
rules under section 137O (threshold condition code);
c
rules under section 192J (provision of information by parent undertakings);
d
a rule requiring an authorised person to have or maintain financial resources.
6
“Private person” has such meaning as may be prescribed.
Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.