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Banking Act 2009

Financial Services Authority

Section 248: Variation of permission

550.This section amends section 45(1)(c) of the Financial Services and Markets 2000 to specify when the Financial Services Authority can use its power on its own initiative to vary the permission relating to the regulated activities which an authorised person may has permission to undertake, or to impose or change a restriction upon the authorised person. The Authority may use this power if it considers it desirable to do so to protect the interests of consumers. The amendment specifies that this means consumers relating to the authorised person in question or other authorised persons.

Section 249: Functions

551.This section modifies the application of references to the functions of the Financial Services Authority to encompass the functions in the Act.

552.Subsection (1) specifies that references to functions of the Authority by or under the Financial Services and Markets Act, 2000 are taken to include a reference to functions conferred under the Act.

553.Subsection (2) specifies that any other references to functions of the Authority in an enactment are taken to include a reference to the functions under the Act.

554.Subsection (3) enables the Treasury by Order to disapply subsections (1) or (2), in case of a reference to functions which needs to be given a narrower meaning.

Section 250: Information

555.This section requires the Financial Services Authority to collect information relevant to financial stability of financial institutions or the financial system and enables it to use its powers in section 165 of the Financial Services and Markets Act 2000 for this purpose. The Authority may also use other existing powers to collect information as it sees fit. This information (which the Authority will be able to share under its existing powers) will be used to support the Authorities’ oversight of financial stability and will inform the work of the Financial Stability Committee of the Bank of England which is established in this Act.

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