Search Legislation

Financial Services (Banking Reform) Act 2013

Section 2: Modification of objectives of the Financial Conduct Authority

24.Section 2 amends FSMA to give the Financial Conduct Authority (“FCA”) a new continuity objective. This is applicable only if a core activity is not regulated by the PRA and accordingly falls under the remit only of the FCA. New section 1EA defines the “continuity objective”: the protection of the continued provision in the UK of core services. This objective will be relevant when the FCA is exercising its general functions in relation to the ring-fencing matters listed in subsection (2) of the new section 1IA. Subsection (3) of that section sets out the ways in which the FCA is to be required to advance the continuity objective. The focus is on ensuring that there is no adverse effect on the continuity of the core services in the United Kingdom. The modification of section 1B(4) of FSMA by section 2 would have the effect that promoting effective competition in the interests of consumers would be relevant when the FCA is acting so as to advance its continuity objective.

Back to top


Print Options


Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.


More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources