Financial Services and Markets Act 2000

[F1138DActions for damagesU.K.
This section has no associated Explanatory Notes

(1)A rule made by the PRA may provide that contravention of the rule is actionable at the suit of a private 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.

(2)A contravention by an authorised person of a rule made by the FCA is actionable at the suit of a private 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.

(3)If rules made by the FCA so provide, subsection (2) does not apply to a contravention of a specified provision of the rules.

(4)In prescribed cases, a contravention of a rule which by virtue of subsection (1) or (2) would be actionable at the suit of a private person is actionable at the suit of a person who is not a private person, subject to the defences and other incidents applying to actions for breach of statutory duty.

(5)In subsections (1), (2) and (3) “rule” does not include—

[F2(za)rules under section 64A (rules of conduct);]

(a)Part 6 rules;

(b)rules under section 137O (threshold condition code);

(c)rules under section 192J (provision of information by parent undertakings);

(d)a rule requiring an authorised person to have or maintain financial resources.

(6)“Private person” has such meaning as may be prescribed.]

Textual Amendments

F1Pt. 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.

Modifications etc. (not altering text)