FCA directionI138
1
The FCA may direct the administrator to prioritise one or more special administration objectives, subject as follows.
2
A direction may only be given if the FCA is satisfied that the giving of the direction is necessary, having regard to the public interest in—
a
the stability of the financial systems of the United Kingdom,
b
the maintenance of public confidence in the stability of the financial markets, payment systems and payment services and electronic money sectors of the United Kingdom, or
c
securing an appropriate degree of protection for users or holders.
3
A direction must be given in writing and should set out reasons for giving the direction.
4
Before giving a direction the FCA must consult the Treasury and the Bank of England.
5
If the FCA thinks that the circumstances that gave rise to the need for it to give a direction have passed, it must withdraw its direction.
F16
Where the FCA has given a direction under this regulation and the direction has not been withdrawn, the following provisions do not apply—
a
in England and Wales and Scotland, paragraphs 49(1) to (3), 51, 53, 54 and 55 of Schedule B1 to the IA 1986;
b
in Northern Ireland, paragraphs 50(1) to (3), 52, 54, 55 and 56 of Schedule B1 to the I(NI)O 1989.