S. 77 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

Pt. 5(crossheading)(investigations) Words in s. 77 cross-heading substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 106(3)(c), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

Words in s. 77(1)(a) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 106(3)(a), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

Word in s. 77(3)(b) omitted (1.3.2014) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), ss. 106(3)(b), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

S. 77(3)(d) and word inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 106(3)(b), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

http://www.legislation.gov.uk/ukpga/2012/21/section/77/2017-06-27Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2026-08-12Expert Participation2017-06-27Financial Services Act 2012ActWater Act 2014s. 79(4)s. 94(3)Financial Services Act 2012ActWater Act 2014s. 81(10)s. 94(3)PART 5Inquiries and investigationsInvestigations
77Power of Treasury to require regulator to undertake investigation(1)

This section applies where—

(a)

the Treasury consider that it is in the public interest that a regulator should undertake an investigation into any relevant events, and

(b)

it does not appear to the Treasury that the regulator has undertaken or is undertaking an investigation (under this Part or otherwise) into those events.

(2)

The Treasury must give the regulator a direction specifying the relevant events and requiring the regulator to undertake an investigation into those events and the circumstances surrounding them and to report to the Treasury on the result of the investigation.

(3)

“Relevant events” means events that have occurred in relation to—

(a)

a collective investment scheme,

(b)

a person who is, or was at the time of the events, carrying on a regulated activity (whether or not as an authorised person), ...

(c)

listed securities or an issuer of listed securities, or

(d)

a regulated payment system.

(4)

“Relevant events” do not include any events occurring before 1 December 2001 (but no such limitation applies to the reference in subsection (2) to surrounding circumstances).