Financial Services and Markets Act 2000 (c. 8)

Part XIII U.K. Incoming Firms: Intervention by Authority

Modifications etc. (not altering text)

C1 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))

Powers of [F1 Office of Fair Trading] U.K.

Textual Amendments

F1 S. 203: words in cross-heading substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(7)(c); S.I. 2003/766, art. 2, Sch. (with art. 3)

204 Power to restrict the carrying on of Consumer Credit Act business. U.K.

(1) In this section “restriction” means a direction that a consumer credit EEA firm may not carry on in the United Kingdom, otherwise than in accordance with such condition or conditions as may be specified in the direction, any Consumer Credit Act business which—

(a) consists of or includes carrying on any listed activity; and

(b) is specified in the direction.

(2) If it appears to the [F2 OFT] that the situation as respects a consumer credit EEA firm is such that the powers conferred by section 203(1) are exercisable, the [F2 OFT] may, instead of imposing a prohibition, impose such restriction as appears to [F3 it] desirable.

(3) A restriction—

(a) may be withdrawn, or

(b) may be varied with the agreement of the firm concerned,

by written notice served by the [F2 OFT] on the firm, and any such notice takes effect on such date as is specified in the notice.

(4) A firm contravening a restriction is guilty of an offence and liable—

(a) on summary conviction, to a fine not exceeding the statutory maximum;

(b) on conviction on indictment, to a fine.

Textual Amendments

F2 Words in s. 204 substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(8); S.I. 2003/766, art. 2, Sch. (with art. 3)

F3 Word in s. 204 substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(8); S.I. 2003/766, art. 2, Sch. (with art. 3)

Modifications etc. (not altering text)

C2 S. 204 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 53(3); S.I. 2001/3538, art. 2(1)

C3 S. 204 applied (with modifications) (1.5.2009 for certain purposes and 1.11.2009 otherwise) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2), 26(1) (with reg. 3)

C4 S. 204 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 31(1) (with reg. 3)