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SCHEDULES

SCHEDULE 3E+W+S+N.I.MINOR AND CONSEQUENTIAL AMENDMENTS RELATING TO PART 1

Financial Services and Markets Act 2000 (c. 8)E+W+S+N.I.

5The Financial Services and Markets Act 2000 is amended as follows.

6In section 1A(6) (functions of the FCA), after paragraph (c) insert—

(cza)the Financial Guidance and Claims Act 2018,.

Annotations:

Commencement Information

I1Sch. 3 para. 6 in force at 1.10.2018 by S.I. 2018/1029, reg. 2(q)

Prospective

7In section 1B (FCA's general duties), omit subsection (7A).

Prospective

8In section 1C (the consumer protection objective), in subsection (2), omit paragraph (g).

Prospective

9In section 1M (FCA's general duty to consult), omit the words “and its duties under section 333O”.

Prospective

10In section 1S (reviews), in subsection (3) omit the words “or its duties under section 333O(1) and (2)(a)”.

11In section 3R (arrangements for provision of services), in subsection (4), for paragraph (a) substitute—

(a)the single financial guidance body (see Part 1 of the Financial Guidance and Claims Act 2018),.

Annotations:

Commencement Information

I2Sch. 3 para. 11 in force at 1.10.2018 by S.I. 2018/1029, reg. 2(q) (with Sch. para. 1)

Prospective

12Omit section 3S (the consumer financial education body).

13In section 138F (notification of rules), in subsection (2) (exceptions to notification)—

(a)after “, 137FBA” insert “ , 137SA ”;

(b)before “, 137SA” (inserted by paragraph (a)), insert “ , 137FC ”;

(c)after “, 137SA” insert “ , 137SB ”;

(d)omit “, 333Q, 333R”.

Annotations:

Commencement Information

I3Sch. 3 para. 13 partly in force; Sch. 3 para. 13(a) in force at Royal Assent, see s. 37(1)(e)(ii)

I4Sch. 3 para. 13(c) in force at 1.10.2018 by S.I. 2018/1029, reg. 2(q)

14(1)Section 138I (consultation on rules by FCA) is amended as follows.E+W+S+N.I.

(2)In subsection (6) (exception to requirement to carry out cost benefit analysis)—

(a)after paragraph (ab) insert—

(ad)section 137SA;;

(b)before paragraph (ad) (inserted by paragraph (a)), insert—

(ac)section 137FC;;

(c)after paragraph (ad) insert—

(ae)section 137SB;;

(d)omit paragraphs (ca), (cb) and (e).

(3)In subsection (10) (exception to requirement to consult PRA before making rules)—

(a)after “137FBA” insert “ , 137SA ”;

(b)before “, 137SA” (inserted by paragraph (a)), insert “ , 137FC ”;

(c)after “, 137SA” insert “ , 137SB ”;

(d)omit “, 333Q, 333R”.

Annotations:

Commencement Information

I5Sch. 3 para. 14 partly in force; Sch. 3 para. 14(1)(2)(a)(3)(a) in force at Royal Assent, see s. 37(1)(e)(iii)

I6Sch. 3 para. 14(2)(c)(3)(c) in force at 1.10.2018 by S.I. 2018/1029, reg. 2(q)

Prospective

15In section 138J (consultation on rules by PRA), in subsection (6), omit paragraph (e).

Prospective

16In section 139A (power of FCA to give guidance), omit subsection (1A).

Prospective

17In section 140A (competition scrutiny: interpretation), in subsection (1), in paragraph (a) of the definition of “regulating provisions”—

(a)in sub-paragraph (ii), omit “or 333P(9)”;

(b)omit sub-paragraphs (v) and (vi).

Prospective

18In section 168 (appointment of persons to carry out investigations), in subsection (2)(a), omit “or 333G”.

Prospective

19Omit Part 20A (sections 333A to 333R; pensions guidance).

Prospective

20In section 429 (Parliamentary control of statutory instruments), in subsection (2), omit “, 333C, 333R”.

21(1)Schedule 1ZA (the Financial Conduct Authority) is amended as follows.E+W+S+N.I.

(2)In paragraph 8 (arrangements for discharging functions)—

(a)in sub-paragraph (3)—

(i)in paragraph (c)(i), for “, 312J or 333K” substitute “ or 312J ”;

(ii)omit paragraph (e);

(b)after sub-paragraph (3), insert—

(3A)In exercising its functions under sections 9(2) and 10 of the Financial Guidance and Claims Act 2018 (approving and reviewing standards set by single financial guidance body), the FCA must act through its governing body.;

(c)in sub-paragraph (4), omit “or 333P(9)”.

(3)In paragraph 11 (annual report), in sub-paragraph (1)—

(a)omit paragraph (hb);

(b)omit the “and” at the end of paragraph (i), and after that paragraph insert—

(ia)how, in its opinion, it has complied with its duties under sections 9(2) and 10 of the Financial Guidance and Claims Act 2018, and.

(4)In paragraph 21 (financial penalty scheme), in sub-paragraph (2)—

(a)at the end of paragraph (c) insert “ and ”;

(b)omit paragraph (e) (and the word “and” immediately preceding it).

(5)In paragraph 23 (fees)—

(a)in sub-paragraph (1)—

(i)after “sections” insert “ 137SA, ”;

(ii)after “137SA” insert “ , 137SB ”;

(iii)omit “, 333Q, 333R”;

(b)in sub-paragraph (2ZA)—

(i)omit paragraph (a) (and the word “and” immediately following it);

(ii)in paragraph (b), for “sections 333R and 333T” substitute “ section 333T ”;

(iii)after paragraph (b), insert , and

(c)its functions under section 137SA.;

(iv)in paragraph (c) (inserted by sub-paragraph (iii)), for “section 137SA” substitute “ sections 137SA and 137SB ”.

Annotations:

Commencement Information

I7Sch. 3 para. 21 partly in force; Sch. 3 para. 21(1)(5)(a)(i)(b)(iii) in force at Royal Assent, see s. 37(1)(e)(iv)

I8Sch. 3 para. 21(2)(b)(3)(b)(5)(a)(ii)(b)(iv) in force at 1.10.2018 by S.I. 2018/1029, reg. 2(q) (with Sch. para. 2)

Prospective

22Omit Schedule 1A (further provision about the consumer financial education body).