PART 9A

Rules and Guidance
CHAPTER 1

Rule-making powers

Specific rule-making powers

Rules to recover expenses relating to the Money and Pensions Service
137SA
1
The Secretary of State may, from time to time, notify the FCA of the amount of—
a
the expenses incurred, or expected to be incurred, by the Secretary of State under section 11 of the Financial Guidance and Claims Act 2018 (financial assistance from Secretary of State to
Money and Pensions Service
), and
b
any other expenses incurred, or expected to be incurred, by the Secretary of State in connection with the operation of the
Money and Pensions Service
,
that the Secretary of State considers should be recovered under this section.
2
Where the Secretary of State has notified the FCA of an amount of expenses under subsection (1), the FCA must make rules for imposing levies with a view to recovering—
a
the amount notified, and
b
expenses incurred by the FCA in connection with its functions under this section.
3
The rules must require the payment to the FCA of specified sums, or sums calculated in a specified way, by—
a
authorised persons, electronic money issuers or payment service providers, or
b
any specified class of authorised person, electronic money issuer or payment service provider.
4
Before the FCA publishes a draft of rules to be made under this section it must consult the Secretary of State.
5
The rules may be made only with the consent of the Secretary of State.
6
The Secretary of State may notify the FCA of matters that will be taken into account when deciding whether or not to give consent under subsection (5).
7
The FCA must have regard to any matters notified under subsection (6) before publishing a draft of rules to be made under this section.
8
The FCA must pay the Secretary of State the sums it receives under rules made under this section, apart from those paid to recover the expenses mentioned in subsection (2)(b) (which the FCA may keep).
9
Subsection (10) applies where—
a
the Secretary of State has notified the FCA under subsection (1) of an amount which included expenses expected to be incurred,
b
the FCA has made rules to recover the amount, and paid sums received under the rules to the Secretary of State, but
c
the expenses expected to be incurred were not in fact incurred.
10
The Secretary of State need not arrange for the sums received under the rules to be paid back, but must, when next notifying an amount to the FCA under subsection (1), take into account the fact that the sums received included an amount representing expenses that were not in fact incurred.
11
In this section—
- “
electronic money issuer
” means a person who is an electronic money issuer for the purposes of the Electronic Money Regulations 2011 (
S.I.
2011/99) as a result of falling within any of paragraphs (a) to (e) and (h) to (j) of the definition in regulation 2(1);
- “
payment service provider
” means a person who is a payment service provider for the purposes of the Payment Services Regulations 2017 (
S.I.
2017/752) as a result of falling within any of paragraphs (a) to (h) of the definition in regulation 2(1).
Pt. 9A applied (1.7.2021) by Regulation (EU) No. 600/2014, Art. 49A(12) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o))
Words in s. 137SA(1)(a) substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 7(c)
Words in s. 137SA heading substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 7(c)
Pt. 9A applied (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 4, Sch. 3 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 27(a) and S.I. 2020/1385, regs. 1(2), 54(2))
Pt. 9A applied (with modifications) (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 74 (as amended by S.I. 2020/1385, regs. 1(4), 52(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Pt. 9A applied (with modifications) (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 35 (as amended by S.I. 2020/1385, regs. 1(4), 56(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
S. 137SA inserted (10.5.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 13(1), 37(1)(b)
Words in s. 137SA(1)(b) substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 7(c)
Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.