129 Power of court to impose administrative sanctions in cases of market abuse
(1) The FCA may, on an application to the court under Part 25 which relates to the market abuse regulation, request the court to consider whether it is appropriate to impose one or more of the following on the person to whom the application relates—
(a) a penalty;
(b) if the person concerned is an individual, a temporary prohibition or a permanent prohibition; or
(c) a suspension or restriction.
(2) The court may, if it considers it appropriate, make an order which does one or more of the following—
(a) requires the person concerned to pay to the FCA a penalty of such amount as the court considers appropriate;
(b) if the person concerned is an individual, imposes a temporary prohibition or a permanent prohibition on that individual; or
(c) imposes a suspension or restriction on the person concerned.
(3) But the court may impose a permanent prohibition only where it is satisfied the person concerned has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation.
(4) Section 123A(4) to (6) apply to a prohibition imposed by an order made under subsection (2) as they do to a prohibition under section 123A, but with—
(a) references to a prohibition under section 123A having effect as references to a prohibition under this section; and
(b) references to the FCA having effect as references to the court which makes the order under this section.
(5) Section 123B(4) to (6) and (8) apply to a suspension or restriction imposed by an order under subsection (2) as they do to a suspension or restriction imposed under section 123B.
(6) The court may—
(a) vary or revoke a prohibition imposed under this section;
(b) withdraw a suspension or restriction imposed under this section; or
(c) vary a suspension or a restriction imposed under this section so as to reduce the period for which it has effect or otherwise to limit its effect.
(7) In this section—
...
“permanent prohibition” means a permanent prohibition on an individual holding an office or position involving responsibility for taking decisions about the management of an investment firm;
“suspension or restriction” means—
a suspension of any permission which a person has to carry on a regulated activity for such period as the court considers appropriate; or
such limitations or other restrictions as the court considers appropriate in relation to the carrying on of a regulated activity by a person for such period as the court considers appropriate;
“temporary prohibition” means a temporary prohibition on an individual—
holding an office or position involving responsibility for taking decisions about the management of an investment firm; ...
acquiring or disposing of financial instruments, whether on his or her own account or the account of a third party and whether directly or indirectly ; or
making a bid, on his or her own account or the account of a third party, directly or indirectly, at an auction conducted by a recognised auction platform.
(8) For the meaning of “recognised auction platform” in this Part, see section 131AB.
(9) An application under Part 25 relates to the market abuse regulation if—
(a) it is made under section 380 or 382 and the relevant requirement for the purposes of that section is a requirement imposed by the market abuse regulation or by supplementary market abuse legislation; or
(b) it is made under section 381 or 383.
(1) The Treasury may from time to time issue written guidance for the purpose of helping relevant authorities to determine the action to be taken in cases where—
(a) it appears a person has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation; and
(b) in so doing the person appears to have committed an offence under Part 7 of the Financial Services Act 2012 or Part 5 of the Criminal Justice Act 1993 (insider dealing).
(2) The Treasury must obtain the consent of the Attorney General and the Secretary of State before issuing any guidance under this section.
(3) In this section “relevant authorities”—
(a) in relation to England and Wales, means the Secretary of State, the FCA, the Director of the Serious Fraud Office and the Director of Public Prosecutions;
(b) in relation to Northern Ireland, means the Secretary of State, the FCA, the Director of the Serious Fraud Office and the Director of Public Prosecutions for Northern Ireland.
(4) Subsections (1) to (3) do not apply to Scotland.
(5) In relation to Scotland, the Lord Advocate may from time to time, after consultation with the Treasury, issue written guidance for the purpose of helping the FCA to determine the action to be taken in cases mentioned in subsection (1).
(1) A disclosure which satisfies the following three conditions is not to be taken to breach any restriction on the disclosure of information (however imposed).
(2) The first condition is that the information or other matter—
(a) causes the person making the disclosure ( the discloser) to know or suspect, or
(b) gives him reasonable grounds for knowing or suspecting that another person has engaged in market abuse
that another person has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation.
(3) The second condition is that the information or other matter disclosed came to the discloser in the course of his trade, profession, business or employment.
(4) The third condition is that the disclosure is made ... to a nominated officer as soon as is practicable after the information or other matter comes to the discloser.
(5) A disclosure to a nominated officer is a disclosure which is made to a person nominated by the discloser's employer to receive disclosures under this section, and is made in the course of the discloser's employment and in accordance with the procedure established by the employer for the purpose.
(6) For the purposes of this section, references to a person's employer include any body, association or organisation (including a voluntary organisation) in connection with whose activities the person exercises a function (whether or not for gain or reward) and references to employment must be construed accordingly.
(1) This section applies to employers who—
(a) provide regulated financial services;
(b) carry on regulated activities in reliance on the exemption in section 327; or
(c) are recognised bodies ... or third country central counterparties.
(2) Employers must have in place appropriate internal procedures for their employees to report contraventions of the market abuse regulation or any supplementary market abuse legislation.
(3) In this section—
“employee” and “employer” have the meaning given in section 230 of the Employment Rights Act 1996;
“recognised body” has the meaning given in section 313;
“regulated financial services” has the meaning given in section 1H.
(1) In this Part—
...
“emission allowance” means emission allowance as described in paragraph 11 of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
“financial instrument” means any instrument specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order , read with Part 2 of that Schedule;
“financial instrument” means any of the following—
an instrument specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, read with Part 2 of that Schedule;
a “qualifying cryptoasset” as defined by article 88F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
a “related instrument” as defined by regulation 17(1) of the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026;
“issuer” has the meaning given in Article 3.1(21) of the market abuse regulation; and
“issuer” means—
an issuer defined by Article 3.1(21) of the market abuse regulation, or
a “relevant person” as defined by regulation 17(4) of the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026; and
“recognised auction platform” has the meaning given in regulation 1(3) of the Recognised Auction Platform Regulations 2011 (S.I. 2011/2699);
...
(2) The following are supplementary market abuse legislation for the purposes of this Part—
(a) an EU regulation, originally made under the market abuse regulation, which is assimilated direct legislation; and
(b) subordinate legislation (within the meaning of the Interpretation Act 1978) made under the market abuse regulation on or after IP completion day. day; and
(c) Chapter 2 of Part 2 of the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026.
131AC Meaning of “persons closely associated” in the market abuse regulation
(1) In Article 3.1(26)(a) (definitions) of the market abuse regulation “partner considered to be equivalent to a spouse” includes a civil partner.
(2) In Article 3.1(26)(b) of the market abuse regulation “dependent child” means a child who—
(a) is under the age of 18 years;
(b) is unmarried; and
(c) does not have a civil partner.
(3) In this section “child” includes a stepchild.
131AD Individual liability in respect of legal persons under Articles 8 and 12 of the market abuse regulation
(1) An individual participates in a decision by a body corporate for the purposes of Article 8.5 (insider dealing) or Article 12.4 (market manipulation) of the market abuse regulation where—
(a) the individual was an officer of the body corporate when the decision was made; and
(b) the FCA are satisfied that the individual was knowingly concerned in the decision.
(2) In this section “officer”, in relation to a body corporate, means–
(a) a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity; or
(b) an individual who is a controller of the body.
131AE Liability for contraventions of Article 14 or 15 of the market abuse regulation
For the purposes of any enactment a person contravenes Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) whether the contravention is by that person alone or by that person and one or more other persons jointly or in concert.
This Part—
(a) requires the Treasury to publish a statement of policy concerning cash deposit and withdrawal services,
(b) enables the Treasury to designate persons involved in the provision of such services, and
(c) gives the FCA functions in relation to designated persons.
131N Cash access services and coordination arrangements
(1) This section defines “cash”, “cash access service”, “free cash access service” and “cash access coordination arrangements” for the purposes of this Part.
(2) “Cash” means—
(a) banknotes issued by the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland (see Part 6 of the Banking Act 2009), or
(b) coins made by the Mint, within the meaning of the Coinage Act 1971 (see section 11 of that Act).
(3) A “cash access service” is—
(a) a service which enables cash to be placed on a relevant current account (a “cash deposit service”), or
(b) a service which enables cash to be withdrawn from a relevant current account (a “cash withdrawal service”).
(4) A “free cash access service” is a cash access service that is—
(a) a free of charge service which enables cash to be placed on a relevant personal current account, or
(b) a free of charge service which enables cash to be withdrawn from a relevant personal current account.
(5) “Cash access coordination arrangements” are arrangements—
(a) which are designed to coordinate the provision of cash access services by two or more providers of such services, but
(b) which do not directly provide cash access services to any person.
(6) In relation to cash access coordination arrangements—
(a) a reference to the “operator” of such arrangements is to any person with responsibility under the arrangements for managing or operating them;
(b) a reference to the operation of such arrangements includes their management.
(7) In this section, “relevant current account” has the meaning given by section 131O.
131O Current accounts and relevant current account providers
(1) This section defines “current account”, “relevant current account”, “relevant personal current account” and “relevant current account provider” for the purposes of this Part.
(2) “Current account” means an account by means of which one or more named persons are able to—
(a) place cash,
(b) withdraw cash, and
(c) execute and receive payment transactions to and from third parties, including the execution of credit transfers.
(3) For the purposes of subsection (2)(c), “payment transaction” means an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee.
(4) A “relevant personal current account” means a relevant current account held by one or more individuals for purposes outside any business, trade, craft or profession of that individual or those individuals.
(5) “Relevant current account provider” means a person—
(a) who has a Part 4A permission to accept deposits, and
(b) who provides current accounts in reliance on that permission (“relevant current accounts”).
(6) But the following are not relevant current account providers—
(a) credit unions, within the meaning given by section 31(1) of the Credit Unions Act 1979 or Article 2(2) of the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205)(N.I.12);
(b) a society that is registered within the meaning of the Friendly Societies Act 1974 (see section 111(1) of that Act) or incorporated under the Friendly Societies Act 1992.
(7) The Treasury may by regulations—
(a) amend a definition in this section;
(b) amend any other provision of this Part in consequence of provision made under paragraph (a).
(1) The Treasury must prepare a cash access policy statement.
(2) A “cash access policy statement” is a statement of the policies of His Majesty’s Government concerning cash access services in the United Kingdom, or a part of the United Kingdom.
(3) The reference to cash access services in subsection (2) includes free cash access services.
(4) Policies may be stated in relation to, among other things—
(a) cash deposit services and cash withdrawal services;
(b) services provided in relation to current accounts of different descriptions;
(c) services provided in predominantly urban areas and services provided in predominantly rural areas.
(5) In preparing a cash access policy statement, the Treasury must—
(a) consult the FCA, and
(b) have regard to any report provided under section 131Q.
(6) The Treasury must publish a cash access policy statement in such manner as they consider appropriate.
(7) The Treasury—
(a) must keep the cash access policy statement under review;
(b) may prepare a revised statement (and subsections (5) and (6) apply in relation to any revised statement).
(1) The FCA must, on a request from the Treasury, prepare and send to the Treasury a report on a matter specified in the request.
(2) The Treasury may only make a request under this section for a report that they reasonably require in connection with—
(a) the preparation of a cash access policy statement (see section 131P), or
(b) a decision whether or not to designate a person for the purposes of this Part (see section 131R).
(3) A request for a report under this section—
(a) must be made in writing, and
(b) may require the FCA to send the report to the Treasury within such reasonable period as may be specified in the request (or such other period as may be agreed).
(4) Nothing in section 348, or in regulations made under section 349, is to be taken as preventing or restricting the ability of the FCA to disclose information to the Treasury for the purposes of this section.
(5) Subsection (4) does not apply in relation to information provided to the FCA by a regulatory authority outside the United Kingdom.
(1) The Treasury may designate a person for the purposes of this Part if the person is—
(a) a relevant current account provider, or
(b) an operator of cash access coordination arrangements, and at least one of the participants in the arrangements is a relevant current account provider designated under this section.
(2) A person is designated by giving the person (the “designated person”) a notice in accordance with this Part (a “designation notice”).
(3) A designation notice must specify whether the person is designated in relation to—
(a) the United Kingdom,
(b) Great Britain only, or
(c) Northern Ireland only.
(4) A designation notice given to the operator of cash access coordination arrangements must specify the arrangements in as much detail as is reasonably practicable.
(5) Before giving a designation notice to a person the Treasury must—
(a) consult the FCA,
(b) notify the person, and
(c) consider any representations made.
(6) A designated person must—
(a) comply with rules made by the FCA under section 131V;
(b) comply with directions given by the FCA to the designated person under section 131W.
(1) The Treasury may designate a person for the purposes of this Part, in relation to the United Kingdom, Great Britain only, or Northern Ireland only (as the case may be), only if satisfied that doing so is likely to further the purpose mentioned in section 131U(1).
(2) In considering whether to designate a relevant current account provider, the Treasury must have regard to—
(a) the distribution of cash access services operated by the provider in the United Kingdom, Great Britain or Northern Ireland (as the case may be);
(b) the distribution in the United Kingdom, Great Britain or Northern Ireland (as the case may be) of persons holding current accounts provided by the provider;
(c) the provider’s share of the current account market in the United Kingdom, Great Britain or Northern Ireland (as the case may be);
(d) the total value of the deposits held in current accounts provided by the provider in the United Kingdom, Great Britain or Northern Ireland (as the case may be).
(3) If a relevant current account provider is part of a group which includes one or more other relevant current account providers, references in subsection (2) to the provider are to be read as references to—
(a) the provider, and
(b) each of those other relevant current account providers.
(4) For the purposes of subsection (3), section 421 (meaning of “group”) applies with the omission of subsection (1)(g) of that section.
131T Cancellation or variation of a designation notice
(1) If a designation notice has been given to a person the Treasury may, by further notice, cancel the designation notice.
(2) If a designation notice has been given to a person (including a designation notice as varied by a notice under this subsection), the Treasury may by further notice, vary the earlier notice.
(3) If a further notice under subsection (2) would designate a person in relation to a part of the United Kingdom in relation to which the person was not designated by the earlier notice, sections 131R(3) and (5) and 131S apply in relation to the further notice.
131U Purpose for which FCA must exercise functions under this Part
(1) The FCA must exercise its functions under this Part for the purpose of seeking to ensure reasonable provision of cash access services in the United Kingdom, or a part of the United Kingdom.
(2) In this section references to cash access services include references to free cash access services.
(3) “Reasonable provision” of cash access services is provision of such nature and extent as the FCA may determine, having regard to—
(a) the cash access policy statement currently in effect (see section 131P), and
(b) such other matters as it considers appropriate.
(4) In making a determination for the purposes of subsection (3) the FCA must, in particular, have regard to any local deficiencies in provision of cash access services—
(a) which the FCA is aware of, and
(b) the impacts of which the FCA considers to be significant.
(5) A local deficiency in provision of cash access services is a circumstance which limits the ability of persons in any locality in a part of the United Kingdom to—
(a) withdraw cash from a relevant current account, or
(b) place cash on a relevant current account.
(6) In determining whether there are local deficiencies in the provision of cash access services, and the significance of the impacts of such deficiencies, the FCA must have regard to—
(a) the cash access policy statement currently in effect, and
(b) such other matters as it considers appropriate.
(7) Those other matters may include (but are not limited to)—
(a) the number of persons likely to be affected by the deficiency;
(b) the characteristics of the persons likely to be affected by the deficiency;
(c) the likely impact on the persons likely to be affected.
(1) The FCA may make such rules applying to designated persons as appear to the FCA to be necessary or expedient for the purpose mentioned in section 131U(1).
(2) Rules under this section must not require a designated person to do (or refrain from doing) any thing in relation to a part of the United Kingdom in relation to which the person is not designated.
(3) Section 137T (general supplementary powers for rules made by a regulator) applies in relation to rules made by the FCA under this section as if, in paragraph (a), the reference to descriptions of authorised persons, activity or investment were to descriptions of designated persons and activities carried on by such persons.
(4) Section 138A (modification or waiver of rules) applies in relation to rules made by the FCA under this section as if subsection (4)(b) were omitted.
(5) Section 138I (consultation by FCA before making rules) applies to rules under this section as if, in subsection (2)(d), the reference to the FCA’s duties under section 1B(1) and (5)(a) were to the purpose for which the FCA must exercise its functions under this Part.
(1) The FCA may give a direction under this section to a designated person if it considers that it is desirable to give the direction for the purpose mentioned in section 131U(1).
(2) A direction under this section must not require a designated person to do (or refrain from doing) any thing in relation to a part of the United Kingdom in relation to which the person is not designated.
(3) A direction under this section may require the person to—
(a) take specified action;
(b) refrain from taking specified action;
(c) review, or take remedial action in respect of, past conduct.
(4) A requirement imposed by a direction under this section may be expressed to expire at the end of a specified period, but the imposition of a requirement that expires at the end of a specified period does not affect the power to give a further direction imposing a new requirement.
(5) A direction under this section—
(a) may be revoked by the FCA by written notice to the person to whom it is given, and
(b) ceases to be in force if the person to whom it is given ceases to be a designated person.
(1) If the FCA proposes to give a direction under section 131W, or gives such a direction with immediate effect, it must give written notice to the designated person to whom the direction is given (or to be given).
(2) A direction under section 131W takes effect—
(a) immediately, if the notice under subsection (1) states that is the case,
(b) on such other date as may be specified in the notice, or
(c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
(3) A direction under section 131W may be expressed to take effect immediately (or on a specified date) only if the FCA reasonably considers that it is necessary for the direction to take effect immediately (or on that date).
(4) The notice under subsection (1) must—
(a) give details of the direction;
(b) state the FCA’s reasons for the direction and for its determination as to when the direction takes effect;
(c) inform the designated person that the person may make representations to the FCA within such period as may be specified in the notice (whether or not the person has referred the matter to the Tribunal);
(d) inform the designated person of the person’s right to refer the matter to the Tribunal.
(5) The FCA may extend the period allowed under the notice for making representations.
(6) The FCA must give the designated person written notice if, having considered any representations made by the person, it decides—
(a) to give the direction proposed;
(b) if the direction has been given, not to revoke the direction.
(7) The FCA must give the designated person written notice if, having considered any representations made by the person, it decides—
(a) not to give the direction proposed;
(b) to give a different direction;
(c) to revoke a direction.
(8) A notice given under subsection (6) must inform the notified person of the person’s right to refer the matter to the Tribunal.
(9) A notice under subsection (7)(b) must comply with subsection (4).
(10) If a notice informs the designated person of the person’s right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
(11) For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
(1) For the purposes of this Part, Part 11 (information gathering and investigations) applies in accordance with this section.
(2) Sections 165A to 165C, 169 and 169A do not apply.
(3) Any reference to an authorised person includes a person designated for the purposes of this Part (whether or not the person is an authorised person).
(4) In addition—
(a) references to an authorised person in sections 165 and 176(3A)(a) include a person mentioned in subsection (5) (whether or not the person is an authorised person);
(b) sections 175 to 177 apply in relation to section 165 as modified in accordance with paragraph (a).
(5) The persons are—
(a) a relevant current account provider who is not a designated person for the purposes of this Part;
(b) an operator of cash access coordination arrangements who is not a designated person for the purposes of this Part;
(c) the operator of, or an infrastructure provider in relation to, a payment system, who is not a designated person for the purposes of this Part;
(d) a person (other than a person mentioned in paragraph (a), (b) or (c)) who provides cash access services and is not a designated person for the purposes of this Part;
(e) a person who provides a relevant service to a person mentioned in paragraph (a), (b), (c) or (d) and is not a designated person for the purposes of this Part.
(6) In subsection (5)(c), “payment system”, and “operator” and “infrastructure provider” in relation to a payment system, have the same meanings as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act).
(7) For the purposes of subsection (5)(e), a “relevant service” is a service provided in connection with the provision of cash access services.
(8) In relation to a person who is not an authorised person but is treated as such for the purposes of this Part (by virtue of subsection (3) or (4)), any reference to “either regulator” is to the FCA only.
For the purposes of enforcing a requirement imposed by or under this Part, Part 14 (disciplinary measures) applies as if—
(a) any reference to an authorised person includes a person designated for the purposes of this Part (whether or not that person is an authorised person), and
(b) section 206A (suspending permission to carry on regulated activities etc) were omitted.
Rules made under paragraph 23 of Schedule 1ZA, in connection with the carrying out of any of the FCA’s functions under this Part, must not provide for the payment of fees to the FCA by any person other than a designated person who is a relevant current account provider.
131Z2 Exclusion and modification of other FCA duties
(1) Where the FCA is discharging a function under this Part, section 1B (FCA’s general duties) applies as if—
(a) in subsection (1)(b), the reference to one or more of the FCA’s operational objectives were to the purpose mentioned in section 131U(1);
(b) subsections (4) and (4A) (promoting effective competition in the interests of consumers and advancing competitiveness and growth) do not apply.
(2) In discharging its functions under this Part, the regulatory principles in section 3B(1) have effect as if, in paragraph (g), the reference to the FCA’s objectives included the purpose mentioned in section 131U(1).
(3) Section 395 applies in relation to a decision of the FCA made in connection with a function under this Part as if, in subsection (3)(a), the reference to the FCA’s operational objectives included the purpose mentioned in section 131U(1).
133 Proceedings before Tribunal: general provision
(1) This section applies in the case of a reference or appeal to the Tribunal (whether made under this or any other Act) in respect of—
(a) a decision of the FCA or the PRA;
(b) a decision of the Bank of England; or
(c) a decision of a person relating to the assessment of any compensation or consideration under the Banking (Special Provisions) Act 2008 , the Banking Act 2009 or the Financial Services and Markets Act 2023.
(1A) For the purposes of this section, in the case of a reference to the Tribunal under section 290(4A) (which relates to an application by a central securities depository under section 288A), the failure by the Bank of England to make a decision is treated as a decision to refuse the application (and accordingly is treated as falling within subsection (1)(b)).
(2) In this section—
“relevant decision” means a decision mentioned in subsection (1)(a), (b) or (c); and
“the decision-maker”, in relation to a relevant decision, means the person who made the relevant decision.
(3) Tribunal Procedure Rules may make provision for the suspension of a relevant decision which has taken effect, pending determination of the reference or appeal.
(4) The Tribunal may consider any evidence relating to the subject-matter of the reference or appeal, whether or not it was available to the decision-maker at the material time.
(5) In the case of a disciplinary reference or a reference under section 393(11), the Tribunal—
(a) must determine what (if any) is the appropriate action for the decision-maker to take in relation to the matter; and
(b) on determining the reference, must remit the matter to the decision-maker with such directions (if any) as the Tribunal considers appropriate for giving effect to its determination.
(5A) In the case of a reference under paragraph 7 of Schedule 6A, the Tribunal—
(a) must determine what (if any) is the appropriate action that must be taken in relation to the matter, and
(b) on determining the reference, must give such directions (if any) to such persons as the Tribunal considers appropriate for giving effect to its determination.
(6) In any other case, the Tribunal must determine the reference or appeal by either—
(a) dismissing it; or
(b) remitting the matter to the decision-maker with a direction to reconsider and reach a decision in accordance with the findings of the Tribunal.
(6A) The findings mentioned in subsection (6)(b) are limited to findings as to—
(a) issues of fact or law;
(b) the matters to be, or not to be, taken into account in making the decision; and
(c) the procedural or other steps to be taken in connection with the making of the decision.
(7) The decision-maker must act in accordance with the determination of, and any direction given by, the Tribunal.
(7A) A reference is a “disciplinary reference” for the purposes of this section if it is in respect of any of the following decisions—
(a) a decision to impose a penalty under section 63A;
(b) a decision to take action under section 66;
(c) a decision to take action under section 87M;
(d) a decision to take action under section 88A;
(e) a decision to take action under section 89K;
(f) a decision to take action under section 89Q;
(g) a decision to take action under section 91;
(h) a decision to impose a penalty or publish a statement of censure under section 123, impose a prohibition under section 123A or impose a suspension or restriction under section 123B;
(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(ia) a decision to take action under section 142S;
(ib) a decision to take action under section 143W;
(j) a decision to take action under section 192K;
(k) a decision to publish a statement under section 205, impose a penalty under section 206 or suspend a permission or impose a restriction under section 206A;
(ka) a decision to impose a prohibition or restriction under section 206B or to refuse an application under subsection (4) of that section;
(l) a decision to take action under section 249 or 261K;
(la) a decision to impose a penalty under section 309U;
(lb) a decision to take action under section 309Z2;
(m) a decision to publish a statement under section 312E or 312FA or impose a penalty under section 312F or 312FA;
(n) a decision to take action under section 345 or 345A.
(o) a decision to take action under section 83ZR of the Banking Act 2009.
(8) An order of the Tribunal may be enforced—
(a) in England and Wales, as if it were an order of the county court or, in Northern Ireland, as if it were an order of a county court; or
(b) in Scotland, as if it were an order of the Court of Session.
133A Proceedings before Tribunal: decision and supervisory notices, etc.
(1) In determining in accordance with section 133(5) a reference made (whether under this or any other Act) as a result of a decision notice given by a body, the Tribunal may not direct the body to take action which it would not, as a result of section 388(2), have had power to take when giving the notice.
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(4) The action specified in a decision notice must not be taken—
(a) during the period within which the matter to which the notice relates may be referred to the Tribunal (whether under this or any other Act); and
(b) if the matter is so referred, until the reference, and any appeal against the Tribunal's determination, has been finally disposed of.
(5) The Tribunal may, on determining a reference (whether made under this or any other Act) in respect of a decision of the FCA or the PRA, make recommendations as to its regulating provisions or its procedures.
(1) This section applies in the case of proceedings before the Tribunal in respect of—
(a) a decision of the FCA or the PRA;
(b) a decision of the Bank of England; or
(c) a decision of a person relating to the assessment of any compensation or consideration under the Banking (Special Provisions) Act 2008 , the Banking Act 2009 or the Financial Services and Markets Act 2023.
(2) A person is guilty of an offence if that person, without reasonable excuse—
(a) refuses or fails—
(i) to attend following the issue of a summons by the Tribunal; or
(ii) to give evidence; or
(b) alters, suppresses, conceals or destroys, or refuses to produce a document which he may be required to produce for the purposes of proceedings before the Tribunal.
(3) A person guilty of an offence under subsection (2)(a) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(4) A person guilty of an offence under subsection (2)(b) is liable—
(a) on summary conviction, to a fine not exceeding the statutory maximum;
(b) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine or both.
(1) The Lord Chancellor may by regulations establish a scheme governing the provision of legal assistance in connection with proceedings before the Tribunal.
(2) If the Lord Chancellor establishes a scheme under subsection (1), it must provide that a person is eligible for assistance only if—
(a) he falls within subsection (3); and
(b) he fulfils such other criteria (if any) as may be prescribed as a result of section 135(1)(d).
(3) A person falls within this subsection if he is an individual who has referred a matter to the Tribunal under section 127(4).
(4) In this Part of this Act “the legal assistance scheme” means any scheme in force under subsection (1).
(1) The legal assistance scheme may, in particular, make provision as to—
(a) the kinds of legal assistance that may be provided;
(b) the persons by whom legal assistance may be provided;
(c) the manner in which applications for legal assistance are to be made;
(d) the criteria on which eligibility for legal assistance is to be determined;
(e) the persons or bodies by whom applications are to be determined;
(f) appeals against refusals of applications;
(g) the revocation or variation of decisions;
(h) its administration and the enforcement of its provisions.
(2) Legal assistance under the legal assistance scheme may be provided subject to conditions or restrictions, including conditions as to the making of contributions by the person to whom it is provided.
(1) The FCA must pay to the Lord Chancellor such sums at such times as he may, from time to time, determine in respect of the anticipated or actual cost of legal assistance provided in connection with proceedings before the Tribunal under the legal assistance scheme.
(2) In order to enable it to pay any sum which it is obliged to pay under subsection (1), the FCA must make rules requiring the payment to it by authorised persons or any class of authorised person of specified amounts or amounts calculated in a specified way.
(3) Sums received by the Lord Chancellor under subsection (1) must be paid into the Consolidated Fund.
(4) The Lord Chancellor must, out of money provided by Parliament fund the cost of legal assistance provided in connection with proceedings before the Tribunal under the legal assistance scheme.
(5) Subsection (6) applies if, as respects a period determined by the Lord Chancellor, the amount paid to him under subsection (1) as respects that period exceeds the amount he has expended in that period under subsection (4).
(6) The Lord Chancellor must—
(a) repay, out of money provided by Parliament, the excess to the FCA; or
(b) take the excess into account on the next occasion on which he makes a determination under subsection (1).
(7) The FCA must make provision for any sum repaid to it under subsection (6)(a)—
(a) to be distributed among—
(i) the authorised persons on whom a levy was imposed in the period in question as a result of rules made under subsection (2); or
(ii) such of those persons as it may determine;
(b) to be applied in order to reduce any amounts which those persons, or such of them as it may determine, are or will be liable to pay to the FCA, whether under rules made under subsection (2) or otherwise; or
(c) to be partly so distributed and partly so applied.
(8) If the FCA considers that it is not practicable to deal with any part of a sum repaid to it under subsection (6)(a) in accordance with provision made by it as a result of subsection (7), it may, with the consent the Lord Chancellor, apply or dispose of that part of that sum in such manner as it considers appropriate.
(9) “Specified” means specified in the rules.
(1) The FCA may make such rules applying to authorised persons—
(a) with respect to the carrying on by them of regulated activities, or
(b) with respect to the carrying on by them of activities which are not regulated activities,
as appear to the FCA to be necessary or expedient for the purpose of advancing one or more of its operational objectives.
(2) Rules made under this section are referred to in this Act as the FCA's general rules.
(3) The FCA's general rules may make provision applying to authorised persons even though there is no relationship between the authorised persons to whom the rules will apply and the persons whose interests will be protected by the rules.
(4) The FCA's general rules may contain requirements which take into account, in the case of an authorised person who is a member of a group, any activity of another member of the group.
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(1) The FCA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity which it has a Schedule 2A permission to carry on in the United Kingdom.
(2) Subsection (1) does not apply to rules described in section 137C, 137D or 137FD.
(3) The Treasury may by regulations impose other limitations on what provision applying to Gibraltar-based persons with a Schedule 2A permission to carry on a regulated activity may be made in the FCA's general rules, but may not impose limitations relating to rules described in section 137C, 137D or 137FD.
(4) Before making regulations under subsection (3), the Treasury must consult the FCA.
137B FCA general rules: clients' money, right to rescind etc.
(1) Rules relating to the handling of money held by an authorised person in specified circumstances (“clients' money”) may—
(a) make provision which results in that clients' money being held on trust in accordance with the rules,
(b) treat 2 or more accounts as a single account for specified purposes (which may include the distribution of money held in the accounts),
(c) authorise the retention by the authorised person of interest accruing on the clients' money, and
(d) make provision as to the distribution of such interest which is not to be retained by the authorised person.
(2) An institution with which an account is kept in pursuance of rules relating to the handling of clients' money does not incur any liability as constructive trustee if the money is wrongfully paid from the account, unless the institution permits the payment—
(a) with knowledge that it is wrongful, or
(b) having deliberately failed to make enquiries in circumstances in which a reasonable and honest person would have done so.
(3) Rules may—
(a) confer rights on persons to rescind agreements with, or withdraw offers to, authorised persons within a specified period, and
(b) make provision, in respect of authorised persons and persons exercising those rights, for the restitution of property and the making or recovery of payments where those rights are exercised.
(4) “Rules” means general rules of the FCA.
(5) “Specified” means specified in the rules.
137C FCA general rules: cost of credit and duration of credit agreements
(1) The power of the FCA to make general rules includes power to make rules prohibiting authorised persons from—
(a) entering into a regulated credit agreement that provides for—
(i) the payment by the borrower of charges of a specified description, or
(ii) the payment by the borrower over the duration of the agreement of charges that, taken with the charges paid under one or more other agreements which are treated by the rules as being connected with it, exceed, or are capable of exceeding, a specified amount;
(b) imposing charges of a specified description or exceeding a specified amount on a person who is the borrower under a regulated credit agreement;
(c) entering into a regulated credit agreement that—
(i) is capable of remaining in force after the end of a specified period,
(ii) when taken with one or more other regulated credit agreements which are treated by the rules as being connected with it, would be capable of remaining in force after the end of a specified period, or
(iii) is treated by the rules as being connected with a number of previous regulated credit agreements that exceeds a specified maximum;
(d) exercising the rights of the lender under a regulated credit agreement (as a person for the time being entitled to exercise them) in a way that enables the agreement to remain in force after the end of a specified period or enables the imposition on the borrower of charges within paragraph (a)(i) or (ii).
(1A) The FCA must make rules by virtue of subsection (1)(a)(ii) and (b) in relation to one or more specified descriptions of regulated credit agreement appearing to the FCA to involve the provision of high-cost short-term credit, with a view to securing an appropriate degree of protection for borrowers against excessive charges.
(1B) Before the FCA publishes a draft of any rules to be made by virtue of subsection (1)(a)(ii) or (b), it must consult the Treasury.
(2) “Charges” means charges payable, by way of interest or otherwise, in connection with the provision of credit under the regulated credit agreement, whether or not the agreement itself makes provision for them and whether or not the person to whom they are payable is a party to the regulated credit agreement or an authorised person.
(3) “The borrower” includes—
(a) any person providing a guarantee or indemnity under the regulated credit agreement, and
(b) a person to whom the rights and duties of the borrower under the regulated credit agreement or a person falling within paragraph (a) have passed by assignment or operation of law.
(4) In relation to an agreement entered into or obligation imposed in contravention of the rules, the rules may—
(a) provide for the agreement or obligation to be unenforceable against any person or specified person;
(b) provide for the recovery of any money or other property paid or transferred under the agreement or other obligation by any person or specified person;
(c) provide for the payment of compensation for any loss sustained by any person or specified person as a result of paying or transferring any money or other property under the agreement or obligation.
(5) The provision that may be made as a result of subsection (4) includes provision corresponding to that made by section 30 (enforceability of agreements resulting from unlawful communications).
(6) A credit agreement is a contract of the kind mentioned in paragraph 23 of Schedule 2, other than one under which the obligation of the borrower to repay is secured on land: and a credit agreement is a “regulated credit agreement” if any of the following is a regulated activity—
(a) entering into or administering the agreement;
(b) exercising or being able to exercise the rights of the lender under the agreement.
(7) In this section—
(a) “specified amount” means an amount specified in or determined in accordance with the rules;
(b) “specified period” means a period of a duration specified in or determined in accordance with the rules;
(c) “specified person” means a person of a description specified in the rules;
(d) subject to that, “specified” means specified in the rules.
(1) The power of the FCA to make general rules includes power to make such rules (“product intervention rules”) prohibiting authorised persons from doing anything mentioned in subsection (2) as appear to it to be necessary or expedient for the purpose of advancing—
(a) the consumer protection objective or the competition objective, or
(b) if the Treasury by order provide for this paragraph to apply, the integrity objective.
(2) Those prohibited things are—
(a) entering into specified agreements with any person or specified person;
(b) entering into specified agreements with any person or specified person unless requirements specified in the rules have been satisfied;
(c) doing anything that would or might result in the entering into of specified agreements by persons or specified persons, or the holding by them of a beneficial or other kind of economic interest in specified agreements;
(d) doing anything within paragraph (c) unless requirements specified in the rules have been satisfied.
(3) “Specified agreements” means agreements of a description specified in general rules made by the FCA.
(4) “Specified persons” means persons of a description specified in general rules made by the FCA.
(5) It is of no relevance—
(a) whether the entering into of a specified agreement itself constitutes the carrying on of a regulated activity, or
(b) whether, in a case within subsection (2)(c) or (d), the specified agreements are with the authorised persons concerned or anyone else.
(6) The requirements that may be specified under subsection (2)(b) or (d) include in particular—
(a) requirements as to the terms and conditions that are to be, or are not to be, included in specified or other agreements, and
(b) requirements limiting invitations or inducements to enter into specified or other agreements to those made to specified persons.
(7) In relation to contraventions of product intervention rules, the rules may—
(a) provide for a relevant agreement or obligation to be unenforceable against any person or specified person;
(b) provide for the recovery of any money or other property paid or transferred under a relevant agreement or obligation by any person or specified person;
(c) provide for the payment of compensation for any loss sustained by any person or specified person as a result of paying or transferring any money or other property under a relevant agreement or obligation.
(8) “A relevant agreement or obligation” means—
(a) a specified agreement;
(b) an agreement entered into in contravention of any rule made as a result of subsection (2)(c) or (d);
(c) an obligation to which a person is subject as a result of exercising a right conferred by an agreement within paragraph (a) or (b) of this subsection.
(9) The provision that may be made as a result of subsection (7) includes provision corresponding to that made by section 30 (enforceability of agreements resulting from unlawful communications).
(10) In this section—
(a) any reference to entering into an agreement includes inviting or inducing persons to enter into an agreement, and
(b) any reference to an agreement includes an arrangement.
(1) No order may be made under section 137D(1)(b) unless—
(a) a draft of the order has been laid before Parliament and approved by a resolution of each House, or
(b) subsection (3) applies.
(2) Subsection (3) applies if an order under section 137D(1)(b) contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.
(3) Where this subsection applies the order—
(a) must be laid before Parliament after being made, and
(b) ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without that affecting anything done under the order or the power to make a new order).
(4) The “relevant period” is a period of 28 days beginning with the day on which the order is made.
(5) In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.