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Financial Services and Markets Act 2000

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[F1234IThe FCA's functions under Part 4 of the Enterprise Act 2002U.K.

This section has no associated Explanatory Notes

(1)The functions to which this subsection applies (“the concurrent functions”) are to be concurrent functions of the FCA and the Competition and Markets Authority (referred to in this Part as “the CMA”).

(2)Subsection (1) applies to the functions of the CMA under Part 4 of the Enterprise Act 2002 (market investigations), so far as those functions—

(a)are exercisable by the CMA Board (within the meaning of Schedule 4 to the Enterprise and Regulatory Reform Act 2013), and

(b)relate to the provision of financial services.

(3)But subsection (1) does not apply to functions under the following sections of the Enterprise Act 2002—

  • section 166 (duty to maintain register of undertakings and orders);

  • section 171 (duty to publish guidance).

(4)So far as is necessary for the purposes of, or in connection with, subsections (1) and (2)—

(a)references in Part 4 of the Enterprise Act 2002 to the CMA (including references in provisions of that Act applied by that Part) are to be read as including references to the FCA, and

(b)references in that Part to section 5 of that Act are to be read as including references to section 234M of this Act.

(5)But subsection (4) does not apply—

(a)in relation to section 166 or 171 of that Act, or

(b)where the context otherwise requires.

(6)Section 130A of the Enterprise Act 2002 has effect in relation to the FCA by virtue of subsections (1) and (2) as if—

(a)in subsection (2)(a) of that section, the reference to the acquisition or supply of goods or services of one or more than one description in the United Kingdom were a reference to the acquisition or provision in the United Kingdom of financial services, and

(b)in subsection (2)(b) of that section, the reference to the extent to which steps can and should be taken were a reference to the extent to which steps that might include steps under Part 4 of that Act can and should be taken.

(7)Before the CMA or the FCA first exercises any of the concurrent functions in relation to any matter, it must consult the other.

(8)Neither the CMA nor the FCA may exercise any of the concurrent functions in relation to any matter if any of those functions have been exercised in relation to that matter by the other.]

Textual Amendments

F1Ss. 234I-234O inserted (1.11.2014 for the insertion of ss. 234J, 234M for specified purposes and for the insertion of ss. 234N, 234O, 1.4.2015 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 8 para. 3; S.I. 2014/2458, arts. 2(b)(aa)(i), 3(b)(v)

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