194 General grounds on which power of intervention is exercisable.U.K.
(1)The [F1appropriate 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 [F1appropriate 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 [F1appropriate regulator] information which is false or misleading in a material particular; or
[F2(c)it is desirable to exercise the power in order to [F3advance—
(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.]]
[F4(1A)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.]
[F5(1B)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 [F6FCA] may exercise its power of intervention in respect of the firm if [F7the Office of Fair Trading] has informed the [F6FCA] 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,
has done any of the things specified in paragraphs [F8(a) to (e) of section 25(2A)] of the M1Consumer Credit Act 1974.
(4)“Associate”, “Consumer Credit Act business” and “controller” have the same meaning as in section 203.
Textual Amendments
F1Words in s. 194(1) 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. 32(2)(a) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F2S. 194(1)(c) substituted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 3(5)(a), 26(2)
F3Words in s. 194(1)(c) 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. 32(2)(b) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F4S. 194(1A) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 3(5)(b), 26(2)
F5S. 194(1B) inserted (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. 32(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F6Word in s. 194(3) 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. 32(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F7Words in s. 194(3) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(6); S.I. 2003/766, art. 2, Sch. (with art. 3)
F8Words in s. 194(3) substituted (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. 33(7), 71(2); S.I. 2007/3300, art. 3(2), Sch. 2
Modifications etc. (not altering text)
C1S. 194 applied (1.12.2001) by S.I. 2001/3592, arts. 1(2), 12(3)(b), 18(4)(b), 21(3) (with art. 23(2))
S. 194 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(5); S.I. 2001/3538, art. 2(1)
Commencement Information
I1S. 194 wholly in force at 1.12.2001; s. 194 not in force at Royal Assent see s. 431(2); s. 194 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 194 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
Marginal Citations