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Financial Services BillPage 340

(2) In subsection (3), for paragraph (e) and the “or” following it, substitute—

(e) the Financial Conduct Authority,

(ea) the Prudential Regulation Authority, or.

(3) In subsection (4)(g), for “Financial Services Authority” substitute “Financial
5Conduct Authority or the Prudential Regulation Authority”.

113 In section 467 (companies excluded from being treated as medium-sized), in
subsection (1)(b)(i) and (2)(c), for “Part 4” substitute “Part 4A”.

114 In section 470 (power to apply provisions to banking partnerships), in
subsection (2), for “Part 4” substitute “Part 4A”.

115 10In section 474 (definitions), in subsection (1), in the definition of “e-money
issuer”, for “Part 4” substitute “Part 4A”.

116 In section 539 (definitions), in subsection (1), in the definition of “e-money
issuer”, for “Part 4” substitute “Part 4A”.

117 (1) Section 843 (realised profits and losses of long-term insurance business) is
15amended as follows.

(2) In subsection (2)(b), for “section 142(2)” substitute “Part 9A”.

(3) In subsection (6)(a), for “Part 10” substitute “Part 9A”.

118 In section 948 (restrictions on disclosure), in subsection (7)—

(a) for paragraph (a) substitute—

(a) 20the Financial Conduct Authority;

(aa) the Prudential Regulation Authority;

(ab) the Bank of England;, and

(b) in paragraph (c), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
25Authority or similar to the regulatory functions of the Bank of
England”.

119 In section 950 (Panel on Takeovers and Mergers: duty of co-operation), in
subsection (1)—

(a) for paragraph (a) substitute—

(a) 30the Financial Conduct Authority;

(aa) the Prudential Regulation Authority;

(ab) the Bank of England;, and

(b) in paragraph (c), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
35Authority or similar to the regulatory functions of the Bank of
England”.

120 In section 995 (petition by Secretary of State), in subsection (1)—

(a) in paragraph (c), for “or the Financial Services Authority” substitute
“, the Financial Conduct Authority, the Prudential Regulation
40Authority or the Bank of England”, and

(b) in paragraph (d), for “or the Financial Services Authority” substitute
“, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.

121 In section 1164 (meaning of “banking company” and “banking group”), in
45subsection (2), for “Part 4” substitute “Part 4A”.

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122 In section 1165 (meaning of “insurance company” etc.), in subsection (2), for
“Part 4” substitute “Part 4A”.

123 (1) Schedule 2 (specified persons and descriptions of disclosure for the
purposes of section 948) is amended as follows.

(2) 5In Part 1, in section (A) (United Kingdom), for paragraph 5 substitute—

5 The Financial Conduct Authority.

5A The Prudential Regulation Authority.

(3) In Part 2, in section (A) (United Kingdom)—

(a) in paragraph 11, for “paragraph 7 of Schedule 1 to the Financial
10Services and Markets Act 2000” substitute “section 82 of the Financial
Services Act 2012”,

(b) in paragraph 12, for “section 15 of the Financial Services and Markets
Act 2000” substitute “section 68 of the Financial Services Act 2012”,

(c) in paragraph 37, for “Financial Services Authority” substitute
15“Financial Conduct Authority or the Prudential Regulation
Authority”,

(d) in paragraph 49, for paragraph (a) substitute—

(a) a decision of the Financial Conduct Authority;

(aa) a decision of the Prudential Regulation
20Authority;.

(4) In Part 3, in paragraph 1(2), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation Authority or
similar to the regulatory functions of the Bank of England”.

124 (1) Schedule 11A (specified persons, description, disclosures etc. for the
25purposes of section 1224A) is amended as follows.

(2) In Part 1, for paragraph 5 substitute—

5 The Financial Conduct Authority.

5A The Prudential Regulation Authority.

(3) In Part 2—

(a) 30in paragraph 28, for “paragraph 7 of Schedule 1 to the Financial
Services and Markets Act 2000” substitute “section 82 of the Financial
Services Act 2012”,

(b) in paragraph 29, for “section 15 of the Financial Services and Markets
Act 2000 (c. 8)2000 (c. 8)” substitute “section 68 of the Financial Services Act
352012”,

(c) in paragraph 52, for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority”, and

(d) in paragraph 71, for paragraph (a) substitute—

(a) 40a decision of the Financial Conduct Authority;

(aa) a decision of the Prudential Regulation
Authority;.

Legal Services Act 2007 (c. 29)Legal Services Act 2007 (c. 29)

125 (1) The Legal Services Act 2007 is amended as follows.

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(2) In section 64 (modification of functions of the Legal Services Board), in
subsection (5), in the definition of “authorised insurer”, for “Part 4”
substitute “Part 4A”.

(3) In section 169 (disclosure of information to the Legal Services Board), for
5subsection (5)(f) substitute—

(f) the Financial Conduct Authority;

(g) the Prudential Regulation Authority;

(h) the Bank of England.

(4) In section 195 (application of the Legal Profession and Legal Aid (Scotland)
10Act 2007), in subsection (2)(e), for “Financial Services Authority” substitute
“Financial Conduct Authority”.

Regulatory Enforcement and Sanctions Act 2008 (c. 13)Regulatory Enforcement and Sanctions Act 2008 (c. 13)

126 In Schedule 5 to the Regulatory Enforcement and Sanctions Act 2008
(Designated Regulators)—

(a) 15for “Financial Services Authority” substitute “Financial Conduct
Authority”, and

(b) after the entry for the Pensions Regulator insert—

Counter-Terrorism Act 2008 (c. 28)Counter-Terrorism Act 2008 (c. 28)

127 (1) 20Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing and
money laundering) is amended as follows.

(2) In Part 5 (enforcement: information powers)—

(a) in paragraph 18(1), for paragraph (a) substitute—

(a) The Financial Conduct Authority (“the
25FCA),

(b) in paragraph 18(2), in both places, for “FSA” substitute “FCA”, and

(c) in paragraph 21(7), for “FSA” substitute “FCA”.

(3) In Part 6 (enforcement: civil penalties)—

(a) in paragraph 27(1), for “FSA” substitute “FCA”, and

(b) 30in paragraph 28(1), for “FSA” substitute “FCA”.

(4) In Part 7 (enforcement: offences)—

(a) in paragraph 33, in sub-paragraphs (1)(a) and (2)(a), for “FSA”
substitute “FCA”, and

(b) in sub-paragraph (3) omit “by FSA”.

(5) 35In Part 8 (supplemental)—

(a) in paragraph 39(2)(a) for “FSA” substitute “FCA”, and

(b) in paragraph 41(1)—

(i) for “Parts 1, 2 and 4 of Schedule 1” substitute ““Parts 1, 3 and
5 of Schedule 1ZA”, and

(ii) 40for “FSA” substitute “FCA”,

(c) in the italic heading before paragraph 41, for “Financial Services
Authority” substitute “Financial Conduct Authority”, and

(d) in paragraph 46, in the index of defined terms, for “the FSA”
substitute “the FCA”.

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Dormant Bank and Building Society Accounts Act 2008 (c. 31)Dormant Bank and Building Society Accounts Act 2008 (c. 31)

128 In section 7 of the Dormant Bank and Building Society Accounts Act 2008
(meaning of “bank”), in subsection (2)(a), for “Part 4” substitute “Part 4A”.

Corporation Tax Act 2010 (c. 4)Corporation Tax Act 2010 (c. 4)

129 (1) 5The Corporation Tax Act 2010 is amended as follows.

(2) In section 161 (restricted right to dividends), in subsection (8), for paragraph
(a), and the “and” following it, substitute—

(a) in relation to a dividend paid by a company that is a PRA-
authorised person for the purposes of the FISMA, the
10Prudential Regulation Authority,

(aa) in relation to a dividend paid by a company that is authorised
for the purposes of the FISMA but does not fall within
paragraph (a), the Financial Conduct Authority, and.

(3) In section 635 (application of Chapter 6 of Part 13: banks etc. in compulsory
15liquidation), in subsection (2)(a), for “Part 4” substitute “Part 4A”.

(4) In section 1120 (meaning of “Bank”), in subsection (3), for “Part 4” substitute
“Part 4A”.

Finance Act 2010 (c. 13)Finance Act 2010 (c. 13)

130 In Part 3 of Schedule 1 to the Finance Act 2010 (bank payroll tax: definitions),
20in paragraph 45(14)—

(a) for paragraph (a) and the “or” following it, substitute—

(a) the Financial Conduct Authority,

(aa) the Prudential Regulation Authority, or, and

(b) in paragraph (b), for “Financial Services Authority” substitute
25“Financial Conduct Authority or the Prudential Regulation
Authority”.

Equality Act 2010 (c. 15)Equality Act 2010 (c. 15)

131 In Part 1 of Schedule 19 to the Equality Act 2010 (public authorities subject
to the public sector equality duty), under the italic heading “Industry,
30business, finance etc”—

(a) for “The Financial Services Authority” substitute “The Financial
Conduct Authority”, and

(b) after the entry for the Office of Communications insert—

35Terrorist Asset-Freezing etc. Act 2010 (c. 38)2010 (c. 38)

132 (1) The Terrorist Asset-Freezing etc Act 2010 is amended as follows.

(2) In section 23 (general power to disclose information), in subsection (1)—

(a) in paragraph (e), for “Financial Services Authority” substitute
“Financial Conduct Authority, the Prudential Regulation
40Authority”, and

Financial Services BillPage 344

(b) after that paragraph insert—

(ea) to the Bank of England, for the purpose of enabling or
assisting the Bank to exercise any powers conferred
on it by or under the Financial Services and Markets
5Act 2000;.

(3) In section 41 (meaning of “relevant institution”), in subsection (1)(a), for
“Part 4” substitute “Part 4A”.

Postal Services Act 2011 (c. 5)2011 (c. 5)

133 In Part 3 of Schedule 10 to the Postal Services Act 2011 (conduct of postal
10administration: modification of enactments), in paragraph 41(3), for
“administration applications by FSA” substitute “administration order”.

Finance Act 2011 (c. 11)2011 (c. 11)

134 (1) Part 4 of Schedule 19 to the Finance Act 2011 (the bank levy) is amended as
follows.

(2) 15In paragraph 37(2), in both places, for “section 213(2)(b)” substitute “section
213(3)(b)”.

(3) In paragraph 38(3)(a), for “section 139(1)” substitute “section 137B(1)”.

Terrorism Prevention and Investigation Measures Act 2011 (c. 23)2011 (c. 23)

135 In Part 1 of Schedule 1 to the Terrorism Prevention and Investigation
20Measures Act 2011 (measures), in paragraph 5(4), for “Part 4” substitute
“Part 4A”.

Charities Act 2011 (c. 25)2011 (c. 25)

136 In section 109 of the Charities Act 2011 (dormant bank account:
supplementary), in subsection (3), for “Part 4” substitute “Part 4A”.

25Health and Social Care Act 2012 (c. 7)2012 (c. 7)

137 In section 145 of the Health and Social Care Act 2012 (borrowing), in
subsection (3)(a), for “Part 4” substitute “Part 4A”.

Legal Aid, Sentencing and Punishment of Offenders Act 2012 (c. 10)2012 (c. 10)

138 (1) The Legal Aid, Sentencing and Punishment of Offenders Act 2012 is
30amended as follows.

(2) In section 57 (effect of rules against referral fees), in subsection (4), for
“Financial Services Authority” substitute “Financial Conduct Authority”.

(3) In section 58 (regulation by FSA)—

(a) in subsections (1) and (3)(c) and (d), for “Financial Services
35Authority” substitute “Financial Conduct Authority”, and

(b) in the heading, for “FSA” substitute “FCA”.

(4) In section 59 (regulators and regulated persons)—

Financial Services BillPage 345

(a) in subsection (1), in the Table, for “Financial Services Authority”
substitute “Financial Conduct Authority”, and

(b) in subsection (2), in the Table, for “Financial Services Authority”
substitute “Financial Conduct Authority”.

5Part 3 Amendment of Acts of the Scottish Parliament

Charities and Trustee Investment (Scotland) Act 2005 (asp 10)2005 (asp 10)

139 In section 106 of the Charities and Trustee Investment (Scotland) Act 2005
(general interpretation), in the definition of “relevant financial institution”,
10for “Part 4” substitute “Part 4A”.

Housing (Scotland) Act 2006 (asp 1)2006 (asp 1)

140 In section 75 of the Housing (Scotland) Act 2006 (determination by local
authorities about applications for a grant or loan), in subsection (5)(a), in the
definition of “commercial lender”, for “Part 4” substitute “Part 4A”.

15Part 4 Amendments of Northern Ireland legislation

County Courts Act (Northern Ireland) 1959 (c. 25 (N.I.))

141 In section 127A of the County Courts Act (Northern Ireland) 1959 (voluntary
contributions to judicial pension scheme), in subsection (7), in the definition
20of “authorised provider”, for “Part 4” substitute “Part 4A”.

District Judges (Magistrates’ Courts) Pensions Act (Northern Ireland) 1960 (c. 2 (N.I.))

142 In section 9A of the District Judges (Magistrates’ Courts) Pensions Act
(Northern Ireland) 1960 (voluntary contributions under the judicial pension
scheme), in subsection (7), in the definition of “insurer”, for “Part 4”
25substitute “Part 4A”.

Charities Act (Northern Ireland) 2008 (c. 12 (N.I.))

143 (1) The Charities Act (Northern Ireland) 2008 is amended as follows.

(2) In section 48 (power to give directions about dormant bank accounts of
charities), in subsection (8)(b)(i), for “Part 4” substitute “Part 4A”.

(3) 30In section 56 (powers in relation to English, Welsh and Scottish charities), in
subsection (7)(a), for “Part 4” substitute “Part 4A”.

Part 5 Amendment of Measure of the National Assembly for Wales

Welsh Language (Wales) Measure 2011 (nawm 1)

144 35In Schedule 6 to the Welsh Language (Wales) Measure 2011 (public bodies
etc: standards)—

Financial Services BillPage 346

(a) in the Welsh text, omit the entry relating to “Awdurdod
Gwasanaethau Ariannol (“The Financial Services Authority”)” and at
the appropriate place among the entries headed “Cyffredinol”
insert—

Awdurdod Ymddygiad
Ariannol (“Financial
Conduct Authority”)
5Safonau cyflenwi gwasanaethau
Safonau llunio polisi
Safonau gweithredu
Safonau cadw cofnodion.

(b) 10in the English text, omit the entry relating to “The Financial Services
Authority (“Awdurdod Gwasanaethau Ariannol”)” and at the
appropriate place among the entries headed “General” insert—

Financial Conduct
Authority (“Awdurdod
Ymddygiad Ariannol”)
Record keeping standards
15Service delivery standards
Policy making standards
Operational standards.

(c) in the Welsh text, at the appropriate place among the entries headed
“Cyffredinol”, insert—

Awdurdod Rheoleiddio
Darbodus (“Prudential
Regulation Authority”)
20Safonau cyflenwi gwasanaethau
Safonau llunio polisi
Safonau gweithredu
Safonau cadw cofnodion.

(d) 25in the English text, at the appropriate place among the entries headed
“General”, insert—

Prudential Regulation
Authority (“Awdurdod
Rheoleiddio Darbodus”)
Record keeping standards
Service delivery standards
30Policy making standards
Operational standards..

Section 103(2)

SCHEDULE 19 Repeals

Short title Extent of repeal
Competition Act 1998 35In Schedule 2, paragraph 1 and the italic
heading before it.

In Schedule 7, in paragraph 19A(9)—

(a)

“or (in the case of the Financial Services
40and Markets Act 2000 (c 8)2000 (c 8)) an
investigation”, and

(b)

paragraph (m).

In Schedule 12, paragraph 8 and the italic
heading before it.
45

In Schedule 13, in paragraph 26—

(a)

sub-paragraph (1)(a),

(b)

sub-paragraph (2),

(c)

in sub-paragraph (3) the words “and
50(2)”, and

(d)

sub-paragraph (3)(a).


Insolvency Act 2000 Section 15(2).
Proceeds of Crime Act 2002 In Schedule 11, paragraph 38 and the italic
55heading before it.
Enterprise Act 2002 Sections 241A(2)(b) and 243(3)(c).
In Schedule 25, sub-paragraphs (2) to (5) and
(10) to (15) of paragraph 40.
Communications Act 2003 In Schedule 16, paragraph 5 and the italic
60heading before it.
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
heading before it.
Inquiries Act 2005 65Section 46.
Companies Act 2006 Section 964(3) and (5).
In Part 2 of Schedule 2, paragraph 38.
In Schedule 11A, paragraph 53.
In Schedule 15, paragraphs 2 and 9.
Tribunals, Courts and
Enforcement Act 2007
70In Schedule 6, in the Table in Part 3, the entry
relating to the Financial Services and Markets
Tribunal.
Consumers, Estate Agents and
Redress Act 2007

In section 20—

(a)

75in subsection (2), in the definition of
“designated body”, paragraph (b), and

(b)

subsection (3)(a).



80Section 39.
In Schedule 1, paragraph 1(4)(a).
Banking Act 2009 Section 249(4).
Financial Services Act 2010 Section 1.
Section 2(2) to (5).
85Section 3(2) to (4).

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Short title Extent of repeal
Financial Services Act 2010—
cont.
Section 6.
Section 7.
5In Schedule 2, paragraphs 2 to 6, 11 to 14, 27 and
34.

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Section 108(1)

SCHEDULE 20 Transitional provisions

Interpretation

1 In this Schedule “the relevant commencement” means the time when section
56 comes into force in relation to section 1A(1) of FSMA 2000, (which renames
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
10time after the relevant commencement, as a reference to the Financial
Conduct Authority.

(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
15Services Authority.

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
20Authority, but subject to sub-paragraph (2).

(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
25a reference to the Prudential Regulation Authority or the Bank.

(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

(b) 30is contained in a document other than an enactment.

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—

Financial Services BillPage 349

(a) entering the new name on the register of companies in place of the
former name, and

(b) issuing a new certificate of incorporation altered to take account of
the new name.

(2) 5On the coming into force of section 6 so far as it relates to section 2A(1) of
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
10former name, and

(b) issuing a new certificate of incorporation altered to take account of
the new name.

Threshold conditions

5 Before section 10 comes into force in relation to section 55B of FSMA 2000
15(the threshold conditions), the Treasury must make an order under section
55C of that Act which—

(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
20functions.

Consultation

6 In relation to the first order under section 9L of the Bank of England Act
1998, subsection (2) of that section (which relates to consultation) does not
apply.

7 (1) 25This paragraph applies where a provision of Part 5 or 6 of this Act, or an
amendment of FSMA 2000 made by any provision of this Act, imposes on
the FCA, the PRA or the Bank of England, in connection with the making or
issuing of any rules or other instrument or document—

(a) a public consultation requirement, or

(b) 30a requirement (however expressed) to consult particular persons.

(2) The requirement may be satisfied—

(a) by things done (wholly or in part) before the commencement of the
provision in question or the passing of this Act, and

(b) by things done by the Financial Services Authority or the Bank of
35England or by both of them.

(3) “Public consultation requirement” means a requirement (however
expressed) to publish a draft of the instrument or other document with or
without other material and to invite representations about it.

8 (1) The first order under section 22A of FSMA 2000 may, if it imposes on the
40PRA a public consultation requirement in relation to any statement of policy
required by the order to be prepared by the PRA, provide that in relation to
the first statement of policy the requirement may be satisfied—

(a) by things done (wholly or in part) before the commencement of the
order or the passing of this Act, and

(b) 45by things done by the Financial Services Authority or the Bank of
England or by both of them.

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Contents page 240-249 250-259 260-269 270-279 280-289 290-299 300-309 310-319 320-329 330-339 340-349 350-353 Last page