Version Superseded: 01/03/2014
Point in time view as at 01/04/2013. This version of this provision has been superseded.
Financial Services and Markets Act 2000, Section 109 is up to date with all changes known to be in force on or before 01 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme report”).
(2)A scheme report may be made only by a person—
(a)appearing to the [F1appropriate regulator] to have the skills necessary to enable him to make a proper report; and
(b)nominated or approved for the purpose by the [F1appropriate regulator].
(3)A scheme report must be made in a form approved by the [F1appropriate regulator].
[F2(4)Where the appropriate regulator is the PRA, it must consult the FCA before—
(a)nominating or approving a person under subsection (2)(b), or
(b)approving a form under subsection (3).
(5)Subsection (6) applies where the appropriate regulator is the FCA and either—
(a)the transferee is a PRA-authorised person, or
(b)the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.
(6)The FCA must consult the PRA before—
(a)nominating or approving a person under subsection (2)(b), or
(b)approving a form under subsection (3).]
Textual Amendments
F1Words in s. 109 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2S. 109(4)-(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 3(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C1S. 109 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)
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