SCHEDULES

SCHEDULE 3MINOR AND CONSEQUENTIAL AMENDMENTS RELATING TO PART 1

Section 25

Public Records Act 1958 (c. 51)

I41

In Schedule 1 to the Public Records Act 1958 (definition of public records), in paragraph 3, in Part 2 of the Table, at the appropriate place insert— “ The single financial guidance body. ”

Parliamentary Commissioner Act 1967 (c. 13)

I52

In Schedule 2 to the Parliamentary Commissioner Act 1967 (departments etc subject to investigation), at the appropriate place insert— “ The single financial guidance body. ”

House of Commons Disqualification Act 1975 (c. 24)

I63

In Part 2 of Schedule 1 to the House of Commons Disqualification Act 1975 (bodies of which all members are disqualified), at the appropriate place insert— “ The single financial guidance body. ”

Northern Ireland Assembly Disqualification Act 1975 (c. 25)

I74

In Part 2 of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (bodies of which all members are disqualified), at the appropriate place insert— “ The single financial guidance body. ”

Financial Services and Markets Act 2000 (c. 8)

5

The Financial Services and Markets Act 2000 is amended as follows.

I86

In section 1A(6) (functions of the FCA), after paragraph (c) insert—

cza

the Financial Guidance and Claims Act 2018,

I177

In section 1B (FCA's general duties), omit subsection (7A).

I338

In section 1C (the consumer protection objective), in subsection (2), omit paragraph (g).

I189

In section 1M (FCA's general duty to consult), omit the words “and its duties under section 333O”.

I1910

In section 1S (reviews), in subsection (3) omit the words “or its duties under section 333O(1) and (2)(a)”.

I911

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),

I3412

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 ”;

I32b

before “, 137SA” (inserted by paragraph (a)), insert “ , 137FC ”;

I10c

after “, 137SA” insert “ , 137SB ”;

I32d

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;

I20b

before paragraph (ad) (inserted by paragraph (a)), insert—

ac

section 137FC;

I11c

after paragraph (ad) insert—

ae

section 137SB;

I20d

omit paragraphs (ca), (cb) and (e).

3

In subsection (10) (exception to requirement to consult PRA before making rules)—

a

after “137FBA” insert “ , 137SA ”;

I21b

before “, 137SA” (inserted by paragraph (a)), insert “ , 137FC ”;

I11c

after “, 137SA” insert “ , 137SB ”;

I21d

omit “, 333Q, 333R”.

I3515

In section 138J (consultation on rules by PRA), in subsection (6), omit paragraph (e).

I2216

In section 139A (power of FCA to give guidance), omit subsection (1A).

I2317

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).

I2418

In section 168 (appointment of persons to carry out investigations), in subsection (2)(a), omit “or 333G”.

I2519

Omit Part 20A (sections 333A to 333R; pensions guidance).

I2620

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)—

I27a

in sub-paragraph (3)—

i

in paragraph (c)(i), for “, 312J or 333K” substitute “ or 312J ”;

ii

omit paragraph (e);

I12b

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.

I27c

in sub-paragraph (4), omit “or 333P(9)”.

3

In paragraph 11 (annual report), in sub-paragraph (1)—

I27a

omit paragraph (hb);

I12b

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

I274

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, ”;

I12ii

after “137SA” insert “ , 137SB ”;

I28iii

omit “, 333Q, 333R”;

b

in sub-paragraph (2ZA)—

I28i

omit paragraph (a) (and the word “and” immediately following it);

I28ii

in paragraph (b), for “sections 333R and 333T” substitute “ section 333T ”;

iii

after paragraph (b), insert

, and

c

its functions under section 137SA.

I12iv

in paragraph (c) (inserted by sub-paragraph (iii)), for “section 137SA” substitute “ sections 137SA and 137SB ”.

Annotations:
Commencement Information
I3

Sch. 3 para. 21 partly in force; Sch. 3 para. 21(1)(5)(a)(i)(b)(iii) in force at Royal Assent, see s. 37(1)(e)(iv)

I27

Sch. 3 para. 21(2)(a)(c)(3)(a)(4) in force at 1.1.2019 by S.I. 2018/1330, reg. 2(g)(vi)

I12

Sch. 3 para. 21(2)(b)(3)(b)(5)(a)(ii)(b)(iv) in force at 1.10.2018 by S.I. 2018/1029, reg. 2(q) (with Sch. para. 2)

I28

Sch. 3 para. 21(5)(a)(iii)(b)(i)(ii) in force at 1.1.2019 by S.I. 2018/1330, reg. 2(g)(vi)

I3622

Omit Schedule 1A (further provision about the consumer financial education body).

Freedom of Information Act 2000 (c. 36)

I1323

In Part 6 of Schedule 1 to the Freedom of Information Act 2000 (public authorities: general), at the appropriate place insert—

The single financial guidance body.

Equality Act 2010 (c. 15)

I1424

In Part 1 of Schedule 19 to the Equality Act 2010 (public authorities: general), under the heading “Industry, business, finance etc”, at the appropriate place insert—

The single financial guidance body.

Financial Services Act 2010 (c. 28)

I3725

The Financial Services Act 2010 is amended as follows.

I3826

In section 2 (enhancing public understanding of financial matters etc), omit subsections (1) and (6).

I3927

Omit Schedule 1 (further provision about the consumer financial education body).

Financial Services Act 2012 (c. 21)

I1528

The Financial Services Act 2012 is amended as follows.

I4029

Omit section 45 and Schedule 15 (the consumer financial education body).

I1630

In section 85 (relevant functions in relation to complaints scheme)—

a

in subsection (2)(a), after “legislative functions” insert “ and its standards review functions ”;

I31b

in subsection (4)—

i

in paragraph (c)(i), for “, 312J or 333K” substitute “ or 312J ”;

ii

in paragraph (e), omit “or 333P(9)”;

iii

omit paragraph (f).

c

After subsection (4) insert—

4A

For the purposes of subsection (2)(a), the FCA's standards review functions are the FCA's 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).

Pension Schemes Act 2015 (c. 8)

I2931

In Schedule 3 to the Pension Schemes Act 2015 (pensions guidance), omit paragraphs 2 to 5, 8(b), 9 to 11, 13 to 15 and 17.

Bank of England and Financial Services Act 2016 (c. 14)

I3032

In the Bank of England and Financial Services Act 2016, omit section 32 (amendments to section 333A of FSMA; pensions guidance).