SCHEDULES
SCHEDULE 3MINOR AND CONSEQUENTIAL AMENDMENTS RELATING TO PART 1
Financial Services and Markets Act 2000 (c. 8)
5
The Financial Services and Markets Act 2000 is amended as follows.
I46
In section 1A(6) (functions of the FCA), after paragraph (c) insert—
cza
the Financial Guidance and Claims Act 2018,
I97
In section 1B (FCA's general duties), omit subsection (7A).
I228
In section 1C (the consumer protection objective), in subsection (2), omit paragraph (g).
I109
In section 1M (FCA's general duty to consult), omit the words “and its duties under section 333O”.
I1110
In section 1S (reviews), in subsection (3) omit the words “or its duties under section 333O(1) and (2)(a)”.
I511
In section 3R (arrangements for provision of services), in subsection (4), for paragraph (a) substitute—
a
the single financial guidance body (see Part 1 of the Financial Guidance and Claims Act 2018),
I2312
Omit section 3S (the consumer financial education body).
I113
In section 138F (notification of rules), in subsection (2) (exceptions to notification)—
a
after “, 137FBA” insert “
, 137SA
”
;
I21b
before “, 137SA”
(inserted by paragraph (a)), insert “
, 137FC
”
;
I6c
after “, 137SA” insert “
, 137SB
”
;
I21d
omit “, 333Q, 333R”.
I214
1
Section 138I (consultation on rules by FCA) is amended as follows.
2
In subsection (6) (exception to requirement to carry out cost benefit analysis)—
a
after paragraph (ab) insert—
ad
section 137SA;
I12b
before paragraph (ad) (inserted by paragraph (a)), insert—
ac
section 137FC;
I7c
after paragraph (ad) insert—
ae
section 137SB;
I12d
omit paragraphs (ca), (cb) and (e).
3
In subsection (10) (exception to requirement to consult PRA before making rules)—
a
after “137FBA” insert “
, 137SA
”
;
I13b
before “, 137SA”
(inserted by paragraph (a)), insert “
, 137FC
”
;
I7c
after “, 137SA” insert “
, 137SB
”
;
I13d
omit “, 333Q, 333R”.
I2415
In section 138J (consultation on rules by PRA), in subsection (6), omit paragraph (e).
I1416
In section 139A (power of FCA to give guidance), omit subsection (1A).
I1517
In section 140A (competition scrutiny: interpretation), in subsection (1), in paragraph (a) of the definition of “regulating provisions”—
a
in sub-paragraph (ii), omit “or 333P(9)”;
b
omit sub-paragraphs (v) and (vi).
I1618
In section 168 (appointment of persons to carry out investigations), in subsection (2)(a), omit “or 333G”.
I1719
Omit Part 20A (sections 333A to 333R; pensions guidance).
I1820
In section 429 (Parliamentary control of statutory instruments), in subsection (2), omit “, 333C, 333R”.
I321
1
Schedule 1ZA (the Financial Conduct Authority) is amended as follows.
2
In paragraph 8 (arrangements for discharging functions)—
I19a
in sub-paragraph (3)—
i
in paragraph (c)(i), for “, 312J or 333K” substitute “
or 312J
”
;
ii
omit paragraph (e);
I8b
after sub-paragraph (3), insert—
3A
In exercising its functions under sections 9(2) and 10 of the Financial Guidance and Claims Act 2018 (approving and reviewing standards set by single financial guidance body), the FCA must act through its governing body.
I19c
in sub-paragraph (4), omit “or 333P(9)”.
3
In paragraph 11 (annual report), in sub-paragraph (1)—
I19a
omit paragraph (hb);
I8b
omit the “and” at the end of paragraph (i), and after that paragraph insert—
ia
how, in its opinion, it has complied with its duties under sections 9(2) and 10 of the Financial Guidance and Claims Act 2018, and
I194
In paragraph 21 (financial penalty scheme), in sub-paragraph (2)—
a
at the end of paragraph (c) insert “
and
”
;
b
omit paragraph (e) (and the word “and” immediately preceding it).
5
In paragraph 23 (fees)—
a
in sub-paragraph (1)—
i
after “sections” insert “
137SA,
”
;
I8ii
after “137SA” insert “
, 137SB
”
;
I20iii
omit “, 333Q, 333R”;
b
in sub-paragraph (2ZA)—
I20i
omit paragraph (a) (and the word “and” immediately following it);
I20ii
in paragraph (b), for “sections 333R and 333T” substitute “
section 333T
”
;
iii
after paragraph (b), insert
, and
c
its functions under section 137SA.
I8iv
in paragraph (c)
(inserted by sub-paragraph (iii)), for “section 137SA” substitute “
sections 137SA and 137SB
”
.
I2522
Omit Schedule 1A (further provision about the consumer financial education body).