C2 Part XIII Incoming Firms: Intervention by F5FCA 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))
Interpretation
C1I1194 General grounds on which power of intervention is exercisable.
1
The F6appropriate regulator may exercise its power of intervention in respect of an incoming firm if it appears to it that—
a
the firm has contravened, or is likely to contravene, a requirement which is imposed on it by or under this Act (in a case where the F6appropriate regulator is responsible for enforcing compliance in the United Kingdom);
b
the firm has, in purported compliance with any requirement imposed by or under this Act, knowingly or recklessly given the F6appropriate regulator information which is false or misleading in a material particular; or
i
in the case of the FCA, one or more of its operational objectives, and
ii
in the case of the PRA, any of its objectives.
F21A
For the purposes of subsection (1)(c) it does not matter whether there is a relationship between the incoming firm and the persons whose interests will be protected by the exercise of the power of intervention.
F81B
The “appropriate regulator” means—
a
where the incoming firm is a PRA-authorised person, the FCA or the PRA;
b
in any other case, the FCA.
2
Subsection (3) applies to an incoming EEA firm falling within sub-paragraph (a) or (b) of paragraph 5 of Schedule 3 which is exercising an EEA right to carry on any Consumer Credit Act business in the United Kingdom.
3
The F9FCA may exercise its power of intervention in respect of the firm if F3the Office of Fair Trading has informed the F9FCA that—
a
the firm,
b
any of the firm’s employees, agents or associates (whether past or present), or
c
if the firm is a body corporate, a controller of the firm or an associate of such a controller,
4
“Associate”, “Consumer Credit Act business” and “controller” have the same meaning as in section 203.
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.