Financial Services Act 2010

3 Meeting FSA’s regulatory objectives

(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) In section 44(3) (refusal of application by authorised person to vary or cancel its Part IV permission), for the words from “to it—” to the end substitute “to it that it is desirable to refuse the application in order to meet any of its regulatory objectives.”

(3) In section 45 (variation or cancellation of Part IV permissions: FSA’s own-initiative power)—

(a) in subsection (1), for paragraph (c) substitute—

“(c) it is desirable to exercise the power in order to meet any of its regulatory objectives.”, and

(b) after that subsection insert—

“(1A) For the purposes of subsection (1)(c) it does not matter whether there is a relationship between the authorised person and the persons whose interests will be protected by the exercise of the power under this section.”

(4) In section 138(1) and (1A) (general rule-making power), for “protecting the interests of consumers” substitute “meeting any of its regulatory objectives”.

(5) In section 194 (general grounds on which power of intervention is exercisable)—

(a) in subsection (1), for paragraph (c) substitute—

“(c) it is desirable to exercise the power in order to meet any of its regulatory objectives.”, and

(b) after that subsection insert—

“(1A) For the purposes of subsection (1)(c) it does not matter whether there is a relationship between the incoming firm and the persons whose interests will be protected by the exercise of the power of intervention.”