Part XXVIII

Miscellaneous
Consultation
and co-operation

Co-operation and consultation in relation to exercise of functions
415C
1
In exercising its functions under this Act a relevant organisation (“
R
”) must—
a
take such steps as R considers appropriate to co-operate with each of the other relevant organisations in relation to matters of interest to that organisation, and
b
consult such other persons as R considers appropriate in relation to any matters that R considers to be of interest to those persons.
2
A matter is of interest to another relevant organisation for the purposes of subsection (1) if it appears to R that it has, or is likely to have, significant implications in relation to—
a
the exercise by that other relevant organisation of functions under this Act, or
b
the functioning generally of relevant markets within the meaning of section 1F.
3
The relevant organisations must prepare and publish a statement of policy with respect to compliance with the duty under subsection (1).
4
The relevant organisations may alter or replace a statement published under subsection (3).
5
The relevant organisations must publish a statement as altered or replaced under subsection (4).
6
The relevant organisations—
a
must, at least once a year, prepare and publish a report on their compliance with the duty under subsection (1), and
b
must put in place arrangements enabling representations to be made about their compliance with that duty (whether by seeking representations in response to the report or otherwise).
7
Except in the case of the first report to be prepared under this section, a report prepared under subsection (6)(a) must include a summary of representations received in the preceding year in accordance with arrangements made under subsection (6)(b).
8
Publication under this section is to be made in such manner as the relevant organisations consider best designed to bring the publication to the attention of the public.
9
In this section “
relevant organisation
” means—
a
the FCA;
b
the scheme operator of the ombudsman scheme within the meaning of section 225(2);
c
the scheme manager of the Financial Services Compensation Scheme within the meaning of section 212.
S. 415B and cross-heading inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 41 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in s. 415B cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 40(2), 86(3); S.I. 2023/779, reg. 4(dd)
S. 415C inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 40(3), 86(3); S.I. 2023/779, reg. 4(dd)