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Financial Services and Markets Act 2000

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[F1333MFailure by designated guidance providers to comply with standards: F2... directionsU.K.

This section has no associated Explanatory Notes

(1)If the [F3Secretary of State] [F4considers] that a designated guidance provider has failed to comply with a standard set under section 333H the [F3Secretary of State] may direct the provider to take such steps as the [F3Secretary of State] [F4considers] appropriate—

(a)to prevent the continuance or recurrence of the failure;

(b)to make redress to those affected by the failure.

(2)The [F3Secretary of State] may give a direction under subsection (1) only if the FCA has made a recommendation under section 333J(1)(b) (although the terms of the direction need not be the same as that recommended by the FCA).

(3)The [F3Secretary of State] must—

(a)give notice in writing of a direction under subsection (1), and

(b)send a copy of the notice to the FCA.

(4)The notice must inform the designated guidance provider that representations about why the direction should not be published may be made to the [F3Secretary of State] within a specified time.

(5)Once the time specified under subsection (4) has elapsed, the [F3Secretary of State] must publish the direction unless—

(a)the [F3Secretary of State] [F5considers] that to do so would be against the public interest;

(b)having considered representations made by the designated guidance provider within the specified time, the [F3Secretary of State] [F5considers] that it would be inappropriate to do so for some other reason.

(6)If the condition in subsection (5)(a) or (b) is satisfied in relation to a direction but would not be satisfied if the [F3Secretary of State] published part only of the direction, the [F3Secretary of State] may publish that part.

(7)A direction under subsection (1) is enforceable, on an application made by the [F3Secretary of State], by injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.]

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