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Valid from 12/10/2010
(1)For the purposes of sections 404 to 404B—
“redress” includes—
interest; and
a remedy or relief which could not be awarded in legal proceedings;
“specified” means specified in rules made under section 404.
(2)In determining for the purposes of those sections whether an authorised person has failed to comply with a requirement, anything which an appointed representative has done or omitted as respects business for which the authorised person has accepted responsibility is to be treated as having been done or omitted by the authorised person.
(3)References in those sections to the failure by a relevant firm to comply with a requirement applicable to the carrying on by it of any activity include anything done, or omitted to be done, by it in carrying on the activity—
(a)which is in breach of a duty or other obligation, prohibition or restriction; or
(b)which otherwise gives rise to the availability of a remedy or relief in legal proceedings.
(4)It does not matter whether—
(a)the duty or other obligation, prohibition or restriction, or
(b)the remedy or relief,
arises as a result of any provision made by or under this or any other Act, a rule of law or otherwise.
(5)References in sections 404 to 404B to a relevant firm include—
(a)a person who was at any time a relevant firm but has subsequently ceased to be one; and
(b)a person who has assumed a liability (including a contingent one) incurred by a relevant firm in respect of a failure by the firm to comply with a requirement applicable to the carrying on by it of any activity.
(6)References in those sections to the carrying on of an activity by a relevant firm are, accordingly, to be read in that case with the appropriate modifications.
(7)If the Authority varies a permission or authorisation of a person so as to impose requirements on the person to establish and operate a scheme which corresponds to, or is similar to, a consumer redress scheme, the provision that may be included in the permission or authorisation as varied includes—
(a)provision imposing requirements on the person corresponding to those that could be included in rules made under section 404; and
(b)provision corresponding to section 404B.
(8)In subsection (7) the reference to the variation of a permission or authorisation by the Authority is a reference to—
(a)the variation under section 44 or 45 of a Part IV permission; or
(b)the variation under regulation 8 or 11 of the Payment Services Regulations 2009 of an authorisation under those regulations.