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| | | | | | | In Schedule 2, paragraph 1 and the italic |
| | | | | | | 5 | | | In Schedule 7, in paragraph 19A(9)— |
| | | | | (a) | “or (in the case of the Financial Services |
| | | | | and Markets Act 2000 (c 8)) an |
| | | | | | | | | | | | 10 | | | In Schedule 12, paragraph 8 and the italic |
| | | | | | | | | | In Schedule 13, in paragraph 26— |
| | | | | (a) | sub-paragraph (1)(a), |
| | | | | | | 15 | | | (c) | in sub-paragraph (3) the words “and |
| | | | | | | | | | (d) | sub-paragraph (3)(a). |
| | | | | | | | | Proceeds of Crime Act 2002 |
| In Schedule 11, paragraph 38 and the italic |
| | 20 | | | | | | | | Sections 241A(2)(b) and 243(3)(c). |
| | | | | In Schedule 25, sub-paragraphs (2) to (5) and |
| | | | | (10) to (15) of paragraph 40. |
| | | | | In Schedule 16, paragraph 5 and the italic |
| | 25 | | | | | | | Constitutional Reform Act 2005 |
| In Schedule 7, the entry relating to the Financial |
| | | | | Services and Markets Act 2000. |
| | | | | In Schedule 9, paragraph 70 and the italic |
| | | | | | | 30 | | | | | | | | | | | | | In Part 2 of Schedule 2, paragraph 38. |
| | | | | In Schedule 11A, paragraph 53. |
| | | | | In Schedule 15, paragraphs 2 and 9. |
| | 35 | | | In Schedule 6, in the Table in Part 3, the entry |
| | | | | relating to the Financial Services and Markets |
| | | | | | | | | Consumers, Estate Agents and |
| | | | | | (a) | in subsection (2), in the definition of |
| | 40 | | | “designated body”, paragraph (b), and |
| | | | | | | | | | | | | | | In Schedule 1, paragraph 1(4)(a). |
| | | | | | | 45 | | Financial Services Act 2010 |
| | | | | | | | | | | | | |
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|
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| | | | | | Financial Services Act 2010— |
| | | | | | | | | | | In Schedule 2, paragraphs 2 to 6, 11 to 14, 27 and |
| | | | | | | 5 |
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1 | In this Schedule “the relevant commencement” means the time when section |
| |
5 comes into force in relation to section 1A(1) of FSMA 2000, (which renames |
| 10 |
the Financial Services Authority as the Financial Conduct Authority). |
| |
References in this Act to FCA or Financial Services Authority |
| |
2 (1) | In this Act, unless the context otherwise requires, a reference (however |
| |
expressed) to the Financial Services Authority is to be read, in relation to any |
| |
time after the relevant commencement, as a reference to the Financial |
| 15 |
| |
(2) | In this Act, unless the context otherwise requires, a reference (however |
| |
expressed) to the Financial Conduct Authority is to be read, in relation to |
| |
any time before the relevant commencement, as a reference to the Financial |
| |
| 20 |
Interpretation of documents referring to the Financial Services Authority |
| |
3 (1) | In a relevant provision, a reference (however expressed) to the Financial |
| |
Services Authority is, in relation to any time after the relevant |
| |
commencement, to be read as a reference to the Financial Conduct |
| |
Authority, but subject to sub-paragraph (2). |
| 25 |
(2) | If the relevant provision is predicated on the continuing exercise by the |
| |
Financial Services Authority of a function which has by virtue of this Act |
| |
become exercisable by the Prudential Regulation Authority or the Bank of |
| |
England, the reference is to be read as being or as the case requires including |
| |
a reference to the Prudential Regulation Authority or the Bank. |
| 30 |
(3) | Sub-paragraphs (1) and (2) have effect subject to the provisions of any |
| |
scheme under paragraph 2 of Schedule 21. |
| |
(4) | In this paragraph “relevant provision” means a provision which— |
| |
(a) | has effect before, as well as after, the relevant commencement, and |
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(b) | is contained in a document other than an enactment. |
| 35 |
Renaming of companies as Financial Conduct Authority and Prudential Regulation Authority |
| |
4 (1) | On the relevant commencement, the registrar of companies for England and |
| |
Wales must give effect to section 1A(1) of FSMA 2000 by— |
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|
(a) | entering the new name on the register of companies in place of the |
| |
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(b) | issuing a new certificate of incorporation altered to take account of |
| |
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(2) | On the coming into force of section 5 so far as it relates to section 2A(1) of |
| 5 |
FSMA 2000, (which renames the Prudential Regulation Authority Limited as |
| |
the Prudential Regulation Authority), the registrar of companies for |
| |
England and Wales must give effect to that provision by— |
| |
(a) | entering the new name on the register of companies in place of the |
| |
| 10 |
(b) | issuing a new certificate of incorporation altered to take account of |
| |
| |
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5 | Before section 9 comes into force in relation to section 55B of FSMA 2000 (the |
| |
threshold conditions), the Treasury must make an order under section 55C |
| 15 |
| |
(a) | amends or replaces Parts 1 and 2 of Schedule 6 to that Act, and |
| |
(b) | makes provision as to which of the conditions set out in those Parts |
| |
of that Schedule are to relate to the discharge by each regulator of its |
| |
| 20 |
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6 | The requirements of sections 138J and 138K of FSMA 2000 may be satisfied |
| |
by consultation undertaken, and other things done, before the |
| |
commencement of the section in question or the passing of this Act. |
| |
7 (1) | Sub-paragraph (2) applies where by virtue of any amendment made by this |
| 25 |
Act the FCA, the PRA or the Bank of England (each a “successor regulator”) |
| |
has power to charge a fee. |
| |
(2) | The successor regulator on which the power is conferred may rely on any |
| |
consultation in relation to the fee that was undertaken by the FCA (wholly |
| |
or in part) before the commencement of the amendment or the passing of |
| 30 |
| |
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8 (1) | The FSA may disclose to the PRA any information which the FSA considers |
| |
that it is necessary or expedient to disclose to the PRA in preparation for the |
| |
commencement of any provision of this Act conferring functions on the |
| 35 |
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(2) | Section 348 of FSMA 2000 (restrictions on disclosure of confidential |
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information) has effect subject to sub-paragraph (1). |
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9 (1) | The following amendments of the Postal Services Act 2000 have effect until |
| 40 |
the repeal by the Postal Services Act 2011 of the provisions amended has |
| |
been brought into force for all purposes. |
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(2) | In section 7 of the Postal Services Act 2000 (exceptions), in subsection (5), in |
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the definition of “deposit taker”, for “Part 4” substitute “Part 4A”. |
| |
(3) | In Schedule 7 of that Act (disclosure of information), for paragraph 3(2)(s) |
| |
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“(s) | the Financial Conduct Authority, |
| 5 |
(sa) | the Prudential Regulation Authority,”. |
| |
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| |
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| 10 |
“the Bank” means the Bank of England; |
| |
“the FSA” means the Financial Services Authority. |
| |
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2 (1) | The FSA must make one or more schemes under this paragraph for the |
| |
transfer of property, rights and liabilities of the FSA— |
| 15 |
(a) | to the PRA or the Bank, |
| |
(b) | to the PRA and the Bank, to be held jointly, or |
| |
(c) | to the FSA and either the PRA or the Bank or both, to be held jointly. |
| |
(2) | A scheme under this paragraph made by the FSA is not to be capable of |
| |
coming into force unless it is approved by the Treasury. |
| 20 |
(3) | The FSA may not submit a scheme under this paragraph to the Treasury for |
| |
their approval without the consent of the Bank. |
| |
(4) | Sub-paragraph (5) applies if— |
| |
(a) | the FSA fails, before such time as may be notified to it by the |
| |
Treasury as the latest time for submission of a scheme under this |
| 25 |
paragraph in connection with the transfer by or under this Act of |
| |
specified functions of the FSA to the PRA , to the Bank, or to the FSA |
| |
and the PRA, to submit such a scheme to the Treasury for their |
| |
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(b) | the Treasury decide not to approve a scheme that has been submitted |
| 30 |
to them by the FSA (either with or without modifications). |
| |
(5) | Where this sub-paragraph applies, the Treasury may, after consultation with |
| |
the FSA and the Bank, make a scheme under this paragraph for the transfer |
| |
of such of the FSA’s property, rights and liabilities as appear to them |
| |
appropriate to be transferred as mentioned in sub-paragraph (1) in |
| 35 |
consequence of the transfer of functions by or under this Act. |
| |
(6) | The property, rights and liabilities which are the subject of the scheme are |
| |
transferred in accordance with the provisions of the scheme on such day as |
| |
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(7) | The FSA must provide the Treasury with all such information and other |
| 40 |
assistance as they may reasonably require for the purposes of, or otherwise |
| |
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| |
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in connection with, the exercise of any power conferred on the Treasury by |
| |
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(8) | In the following provisions of this Schedule a scheme under this paragraph |
| |
is referred to as a “transfer scheme”. |
| |
3 | The property, rights and liabilities that may be the subject of a transfer |
| 5 |
| |
(a) | any that would otherwise be incapable of being transferred or |
| |
| |
(b) | rights and liabilities under a contract of employment. |
| |
| 10 |
(a) | apportion, or provide for the apportionment of, property, rights and |
| |
| |
(b) | define the property, rights and liabilities to be transferred by |
| |
specifying them or by describing them (including describing them |
| |
by reference to functions that are transferred by or under this Act); |
| 15 |
(c) | contain provision for the payment of compensation by the PRA or |
| |
| |
(d) | contain provision for the payment of compensation by the FSA, the |
| |
PRA or the Bank to any person whose interests are adversely affected |
| |
| 20 |
(e) | may contain supplemental, incidental, transitional and |
| |
| |
5 | A transfer scheme which relates to rights and liabilities under a contract of |
| |
| |
(a) | must provide for the transfer to which the scheme relates to be |
| 25 |
treated as if it were a relevant transfer for the purposes of the |
| |
Transfer of Undertakings (Protection of Employment) Regulations |
| |
| |
(b) | may, in connection with functions becoming exercisable (alone or |
| |
| 30 |
(i) | provide for the transfer of rights and liabilities under a |
| |
contract of employment to the Bank, and |
| |
(ii) | provide for TUPE to have effect as if the relevant transfer |
| |
were a transfer to the Bank. |
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