C4C6C7 Part XIII Incoming Firms: Intervention by F1FCA or PRA
Pt. 13 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))
Pt. 13 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 32; S.I. 2001/3538, art. 2(1)
Pt. 13 extended (5.10.2001 for specified purposes otherwise 1.12.2001) by S.I. 2001/3084, art. 2(7); S.I. 2001/3538, art. 2(1)
Pt 13 excluded (1.12.2001) by S.I. 2001/3592, art. 107(2) (with art. 23(2))
Pt. 13 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(6)
Pt. 13 applied (with modifications) by S.I. 2011/99, Sch. 3 para. 4A (as inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(31)(b) (with reg. 3))
Supplemental
C1C5200 Rescission and variation of requirements.
1
F2Either regulator may rescind or vary a requirement imposed in exercise of its power of intervention on its own initiative or on the application of the person subject to the requirement.
C22
C23
Section 197 applies to the exercise of the power of the F5regulator on its own initiative to vary a requirement as it applies to the imposition of a requirement.
C24
If the F6regulator proposes to refuse an application for the variation or rescission of a requirement, it must give the applicant a warning notice.
C25
If F7either regulator decides to refuse an application for the variation or rescission of a requirement—
b
that person may refer the matter to the Tribunal.
201F9Effect of certain requirements on other persons
If either regulator, in exercising its power of intervention, imposes on an incoming firm a requirement of the kind mentioned in subsection (4) of section 55P, the requirement has the same effect in relation to the firm as it would have in relation to an authorised person if it had been imposed on the authorised person by the regulator acting under section 55L or 55M.
I1202 Contravention of requirement imposed under this Part.
1
Contravention of a requirement imposed by F10a regulator under this Part does not—
a
make a person guilty of an offence;
b
make any transaction void or unenforceable; or
c
(subject to subsection (2)) give rise to any right of action for breach of statutory duty.
2
In prescribed cases the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
Words in Pt. 13 heading substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 30 (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.