PART 2

Amendments of Financial Services and Markets Act 2000

Hearings and appeals

Proceedings before Tribunal
23
1
Part 9 of FSMA 2000 (hearings and appeals) is amended as follows.
2
In section 133 (proceedings before Tribunal: general provision)—
a
in subsection (1)(a), for “the Authority” substitute “the FCA or the PRA”,
b
for subsections (5) and (6) substitute—
5
In the case of a disciplinary reference or a reference under section 393(11), the Tribunal—
a
must determine what (if any) is the appropriate action for the decision-maker to take in relation to the matter; and
b
on determining the reference, must remit the matter to the decision-maker with such directions (if any) as the Tribunal considers appropriate for giving effect to its determination.
6
In any other case, the Tribunal must determine the reference or appeal by either—
a
dismissing it; or
b
remitting the matter to the decision-maker with a direction to reconsider and reach a decision in accordance with the findings of the Tribunal.
6A
The findings mentioned in subsection (6)(b) are limited to findings as to—
a
issues of fact or law;
b
the matters to be, or not to be, taken into account in making the decision; and
c
the procedural or other steps to be taken in connection with the making of the decision.
, and
c
after subsection (7) insert—
7A
A reference is a “disciplinary reference” for the purposes of this section if it is in respect of any of the following decisions—
a
a decision to impose a penalty under section 63A;
b
a decision to take action under section 66;
c
a decision to take action under section 87M;
d
a decision to take action under section 88A;
e
a decision to take action under section 89K;
f
a decision to take action under section 89Q;
g
a decision to take action under section 91;
h
a decision to take action under section 123;
i
a decision to take action under section 131G;
j
a decision to take action under section 192K;
k
a decision to publish a statement under section 205, impose a penalty under section 206 or suspend a permission or impose a restriction under section 206A;
l
a decision to take action under section 249;
m
a decision to publish a statement under section 312E or impose a penalty under section 312F;
n
a decision to take action under section 345 or 345A.
3
In section 133A (proceedings before Tribunal: decision and supervisory notices, etc)—
a
in subsection (1)—
i
after “determining” insert “in accordance with section 133(5)”, and
ii
for the words from “given by the Authority” to “the Authority would” substitute “given by a body, the Tribunal may not direct the body to take action which it would”,
b
omit subsections (2) and (3),
c
in subsection (4), for the words from the beginning to “a decision notice—” substitute “The action specified in a decision notice must not be taken—”, and
d
in subsection (5)—
i
for “the Authority” substitute “the FCA or the PRA”, and
ii
for “the Authority's” substitute “its”.
4
In section 133B (offences), in subsection (1)(a), for “the Authority” substitute “the FCA or the PRA”.
5
In section 136 (funding of the legal assistance scheme), in subsections (1), (2), (6)(a), (7) (in both places) and (8), for “Authority” substitute “FCA”.