PART 1A

The Regulators
CHAPTER 3

Further provisions relating to FCA and PRA

Power of PRA to restrain proposed action by FCA

Further provisions about directions under section 3I or 3J
3L
1
Before giving a direction under section 3I or 3J, the PRA must consult the FCA.
2
A direction under section 3I or 3J must be given or confirmed in writing, and must be accompanied by a statement of the reasons for giving it.
3
A notice revoking a direction under section 3I or 3J must be given or confirmed in writing.
4
The PRA must—
a
publish the direction and statement, or the notice, in such manner as it thinks fit, and
b
where the direction or notice relates to a particular authorised person or a particular with-profits insurer, give a copy of the direction and statement, or the notice, to that person.
5
The PRA must give the Treasury a copy of—
a
a direction under section 3I;
b
a statement relating to such a direction;
c
a notice revoking such a direction.
6
The Treasury must lay before Parliament any document received by them under subsection (5).
7
Subsection (4) does not apply where the PRA, after consulting the Treasury, decides that compliance with that subsection would be against the public interest, and at any time when this subsection excludes the application of subsection (4) in relation to a direction under section 3I, subsection (6) also does not apply.
8
Where the PRA decides that compliance with subsection (4) would be against the public interest, it must from time to time review that decision and if it subsequently decides that compliance is no longer against the public interest it must—
a
comply with that subsection, and
b
in the case of a direction under section 3I, notify the Treasury for the purposes of subsection (6).
Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.