SCHEDULES
SCHEDULE 16

Provision of financial services by members of the professions
Section 46
1
In section 325 (general duty)—
a
for “Authority”, in each place, substitute “FCA”, and
b
in the heading, for “Authority's” substitute “FCA's”.
2
In section 328 (directions relating to the general prohibition), for “Authority”, in each place, substitute “FCA”.
3
In section 329 (orders relating to the general prohibition), for “Authority”, in each place, substitute “FCA”.
4
In section 330 (consultation)—
a
for “Authority”, in each place, substitute “FCA”, and
b
for subsection (10) substitute—
10
Cost benefit analysis” means—
a
an analysis of the costs together with an analysis of the benefits that will arise—
i
if the proposed direction is given, or
ii
if subsection (5)(b) applies, from the direction that has been given, and
b
subject to subsection (10A), an estimate of those costs and of those benefits.
10A
If, in the opinion of the FCA—
a
the costs or benefits referred to in subsection (10) cannot reasonably be estimated, or
b
it is not reasonably practicable to produce an estimate,
the cost benefit analysis need not estimate them, but must include a statement of the FCA's opinion and an explanation of it.
5
In section 331 (procedure for making orders), for “Authority”, in each place, substitute “FCA”.
6
In section 332 (rules relating to persons to whom the general prohibition does not apply), for “Authority”, in each place, substitute “FCA”.