Financial Services and Markets Act 2023
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Change 1
40 Duty to co-operate and consult in exercising functions
(1) FSMA 2000 is amended as follows. (2) In the italic heading before section 415B, at the end insert “and co-operation”. (3) After section 415B (consultation) insert— Co-operation and consultation in relation to exercise of functions 415C (1) In exercising its functions under this Act a relevant organisation (“R”) must— (a) take such steps as R considers appropriate to co-operate with each of the other relevant organisations in relation to matters of interest to that organisation, and (b) consult such other persons as R considers appropriate in relation to any matters that R considers to be of interest to those persons. (2) A matter is of interest to another relevant organisation for the purposes of subsection (1) if it appears to R that it has, or is likely to have, significant implications in relation to— (a) the exercise by that other relevant organisation of functions under this Act, or (b) the functioning generally of relevant markets within the meaning of section 1F. (3) The relevant organisations must prepare and publish a statement of policy with respect to compliance with the duty under subsection (1). (4) The relevant organisations may alter or replace a statement published under subsection (3). (5) The relevant organisations must publish a statement as altered or replaced under subsection (4). (6) The relevant organisations— (a) must, at least once a year, prepare and publish a report on their compliance with the duty under subsection (1), and (b) must put in place arrangements enabling representations to be made about their compliance with that duty (whether by seeking representations in response to the report or otherwise). (7) Except in the case of the first report to be prepared under this section, a report prepared under subsection (6)(a) must include a summary of representations received in the preceding year in accordance with arrangements made under subsection (6)(b). (8) Publication under this section is to be made in such manner as the relevant organisations consider best designed to bring the publication to the attention of the public. (9) In this section “relevant organisation” means— (a) the FCA; (b) the scheme operator of the ombudsman scheme within the meaning of section 225(2); (c) the scheme manager of the Financial Services Compensation Scheme within the meaning of section 212.
40 Duty to co-operate and consult in exercising functions
(1) FSMA 2000 is amended as follows. (2) In the italic heading before section 415B, at the end insert “and co-operation”. (3) After section 415B (consultation) insert— Co-operation and consultation in relation to exercise of functions 415C (1) In exercising its functions under this Act a relevant organisation (“R”) must— (a) take such steps as R considers appropriate to co-operate with each of the other relevant organisations in relation to matters of interest to that organisation, and (b) consult such other persons as R considers appropriate in relation to any matters that R considers to be of interest to those persons. (2) A matter is of interest to another relevant organisation for the purposes of subsection (1) if it appears to R that it has, or is likely to have, significant implications in relation to— (a) the exercise by that other relevant organisation of functions under this Act, or (b) the functioning generally of relevant markets within the meaning of section 1F. (3) The relevant organisations must prepare and publish a statement of policy with respect to compliance with the duty under subsection (1). (4) The relevant organisations may alter or replace a statement published under subsection (3). (5) The relevant organisations must publish a statement as altered or replaced under subsection (4). (6) The relevant organisations— (a) must, at least once a year, prepare and publish a report on their compliance with the duty under subsection (1), and (b) must put in place arrangements enabling representations to be made about their compliance with that duty (whether by seeking representations in response to the report or otherwise). (7) Except in the case of the first report to be prepared under this section, a report prepared under subsection (6)(a) must include a summary of representations received in the preceding year in accordance with arrangements made under subsection (6)(b). (8) Publication under this section is to be made in such manner as the relevant organisations consider best designed to bring the publication to the attention of the public. (9) In this section “relevant organisation” means— (a) the FCA; (b) the scheme operator of the ombudsman scheme within the meaning of section 225(2); (c) the scheme manager of the Financial Services Compensation Scheme within the meaning of section 212.
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