- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 No. 1881
46.—(1) Paragraphs (2) to (4) apply if, before 1st April 2014—
(a)the OFT had given A a penalty notice under section 39A of the 1974 Act(1), and
(b)the appeal period in relation to that notice had expired.
(2) The penalty is payable to the FCA (rather than the OFT).
(3) If a defaulter (within the meaning of section 39A of the 1974 Act) had not paid to the OFT before 1st April 2014 the penalty imposed under that section—
(a)the defaulter must pay the unpaid balance to the FCA;
(b)section 39A(5) of the 1974 Act continues to apply to the defaulter with the following modifications—
(i)omit “to the OFT”;
(ii)the reference to the OFT in paragraph (b) is to be treated as a reference to the FCA.
(4) For the purposes of Part 3 of Schedule 1ZA to the Act (penalties and fees)(2)—
(a)any amounts received by the FCA by virtue of this article are to be treated as amounts received by way of penalties imposed under the Act;
(b)any expenses incurred by the FCA in connection with the recovery of penalties due to it by virtue of this article are to be treated as incurred in connection with the recovery of penalties imposed under the Act.
Inserted by section 52 of the Consumer Credit Act 2006.
Inserted by Schedule 3 to the Financial Services Act 2012.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: