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In force since 2024-12-03, as the publisher states.
Copy read on 2026-11-10. The page it was read from
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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5 provisions
Title and introductory text
2024 No. 1264
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024
Made
2nd December 2024
Coming into force
3rd December 2024
The Treasury make these Regulations in exercise of the power conferred by paragraph 15(3) of Schedule 17 to the Financial Services and Markets Act 2000 (“the Act”).
In accordance with paragraph 15(6) of Schedule 17 to the Act, the Treasury have consulted the scheme operator.
In accordance with section 429(2A) of the Act, a draft of these Regulations was laid before Parliament and approved by a resolution of each House of Parliament.
Propose a change1 Citation, commencement and extent
(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024.
(2) These Regulations come into force on the day after the day on which these Regulations are made.
(3) These Regulations extend to England and Wales and Scotland.
Propose a change2 Interpretation
In these Regulations—
“the Act” means the Financial Services and Markets Act 2000;
“legal professional” means—
a person who, or licensable body which, is authorised by the Law Society of England and Wales or the General Council of the Bar to carry on a reserved legal activity;
a European lawyer registered with the Law Society of England and Wales under the European Communities (Lawyer's Practice) Regulations 2000, as they have effect by virtue of regulation 6 (transitional provision: the 2000 Regulations and Swiss lawyers) of the Services of Lawyers and Lawyer's Practice (Revocation etc.) (EU Exit) Regulations 2020;
a foreign lawyer registered with the Law Society of England and Wales under section 89 (foreign lawyers: recognised bodies and partnerships with solicitors) of the Courts and Legal Services Act 1990;
a person authorised by the Chartered Institute of Legal Executives to carry on a reserved legal activity;
any other member of a legal profession, of a jurisdiction other than England and Wales, that is recognised by the Law Society of England and Wales or the General Council of the Bar as a regulated legal profession;
“licensable body” has the meaning given in section 72 (“licensable body”) of the Legal Services Act 2007;
“reserved legal activity” has the meaning given in section 12 (meaning of “reserved legal activity” and “legal activity”) of the Legal Services Act 2007;
“Scottish legal professional” means—
a person qualified to practice as a solicitor in accordance with section 4 (qualifications for practising as a solicitor) of the Solicitors (Scotland) Act 1980;
an advocate who is a member of the Faculty of Advocates;
a European lawyer registered with the Law Society of Scotland in accordance with regulation 17 (registration by professional body) of the European Communities (Lawyer’s Practice) (Scotland) Regulations 2000 as those Regulations have effect by virtue of regulation 6 (transitional provision: the European Communities (Lawyer’s Practice) (Scotland) Regulations 2000) or regulation 7 (transitional provision: the European Communities (Lawyer's Practice) (Scotland) Regulations 2000 and Swiss lawyers) of the Services of Lawyers and Lawyer’s Practice (EU Exit) (Scotland) (Amendment etc.) Regulations 2019;
foreign lawyers registered with the Law Society of Scotland under section 60A (registered foreign lawyers) of the Solicitors (Scotland) Act 1980;
an incorporated practice within the meaning given by section 34(1A)(c) (rules as to professional practice, conduct and discipline) of the Solicitors (Scotland) Act 1980;
a licensed legal services provider within the meaning of Part 2 of the Legal Services (Scotland) Act 2010 (see section 47 (licensed providers) of that Act) that provides, or offers to provide, legal services under a licence issued by the Law Society of Scotland;
any other member of a legal profession, of a jurisdiction other than Scotland, that is recognised by the Law Society of Scotland or the Faculty of Advocates as a regulated legal profession.
Propose a change3 Persons specified for the purposes of paragraph 15 (fees) of Schedule 17 to the Act
The following persons are specified for the purposes of paragraph 15 (fees) of Schedule 17 to the Act—
(a) an authorised person carrying on an activity specified in Part 3B (claims management activities in Great Britain) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
(b) a legal professional or a Scottish legal professional carrying on an activity—
(i) specified in Part 3B (claims management activities in Great Britain) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and
(ii) disregarding the exclusions in article 89N (claims management activity conducted by legal professionals) of that Order.
Propose a change4 Review
(1) The Treasury must from time to time—
(a) carry out a review of these Regulations; and
(b) publish a report setting out the conclusions of the review.
(2) The first report must be published before the end of the period of five years beginning with the day on which these Regulations come into force.
(3) Subsequent reports must be published at intervals not exceeding five years beginning with the day on which the previous report was published.
Propose a change