Inquiries under the Financial Services and Markets Act 2000
Section 14 of the Financial Services and Markets Act 2000 (c. 8) (cases in which
the Treasury may arrange independent inquiries) is amended as follows.
In subsection (2)(b)(i), after “by this Act” there is inserted “, or by any previous
In subsection (3)(b), for the words after “but for a serious failure” there is
the regulatory system established by Part 6 or by any
previous statutory provision concerned with the official
listing of securities; or
the operation of that system.”
After subsection (5) there is inserted—
“Event” does not include any event occurring before 1st December 2001
(but no such limitation applies to the reference in subsection (4) to
Inquiries etc under Northern Ireland legislation
For section 23 of the Interpretation Act (Northern Ireland) 1954 (c. 33 (N.I.))
(inquiries and investigations) there is substituted—
Inquiries and investigations
The provisions of Schedule A1 to this Act shall have effect in relation to
any local or other inquiry or any investigation which a Minister or
Northern Ireland department causes to be held or made under any
enactment passed or made—
after the commencement of this Act, and
before the commencement of section 47 of the Inquiries Act
The Schedule set out in Schedule 1 to this Act is inserted into that Act as
Minor and consequential amendments
Schedule 2 (minor and consequential amendments) has effect.
In Schedule 1 to the National Assembly for Wales (Transfer of Functions)
Order 1999 (S.I. 1999/672) a reference to an Act that is amended by Schedule 2
to this Act is to be read as referring to that Act as so amended.
Repeals and revocations
The Tribunals of Inquiry (Evidence) Act 1921 (c. 7) is repealed.
The provisions set out in Schedule 3 are repealed or revoked to the extent
This Act and any provisions made under it bind the Crown (but do not affect
Her Majesty in her personal capacity or in right of Her Duchy of Lancaster or
The preceding provisions of this Act come into force on such day as the Lord
Chancellor may appoint by order made by statutory instrument.
Before making an order under this section the Lord Chancellor must consult
the Scottish Ministers, the National Assembly for Wales and the First Minister
and deputy First Minister.
An order under this section—
may include any transitory, transitional or saving provision that the
Secretary of State considers necessary or expedient;
may appoint different days for different purposes.
This Act extends to the whole of the United Kingdom.
This Act may be cited as the Inquiries Act 2005.
Provisions applicable to inquiries etc under Northern Ireland legislation
The following is the Schedule inserted into the Interpretation Act (Northern
Ireland) 1954 (c. 33 (N.I.))—
Provisions applicable to inquiries and investigations
“the inquiry” means any inquiry or investigation in relation
to which, by virtue of section 23 of this Act, the provisions
“the Department” means the Minister or Northern Ireland
department causing the inquiry to be held.
Appointment of person to hold inquiry
The Department shall appoint a person to hold the inquiry and to
report thereon to the Department.
Notification of time and place of inquiry
Notification shall be sent to any persons appearing to the
Department or the person appointed to hold the inquiry to be
interested of the time when, and the place where, the inquiry is to
Powers to require persons to give evidence etc.
Subject to sub-paragraphs (2) and (3), the person appointed to
hold the inquiry may by notice require any person—
to attend at the time and place set forth in the notice to give
evidence or to produce any books or documents in his
custody or under his control which relate to any matter in
question at the inquiry; or
to furnish, within such reasonable period as is specified in
the notice, such information relating to any matter in
question at the inquiry as the person appointed to hold the
inquiry may think fit, and as the person so required is able
A person shall not to be required, in obedience to such a notice, to
attend at any place which is more than 16 kilometres from the
place where he resides unless the necessary expenses are paid or
Nothing in this paragraph shall empower the person appointed to
hold the inquiry to require any person to produce any book or
document, or to answer any question, which he would be entitled,
on the ground of privilege or otherwise, to refuse to produce or to
answer if the inquiry were a proceeding in a court of law.
The person appointed to hold the inquiry may administer oaths
and examine witnesses on oath, and may accept, in lieu of
evidence on oath by any person, a statement in writing by that
refuses or wilfully neglects to attend in obedience to a
notice under paragraph 4, or to give evidence; or
wilfully alters, suppresses, conceals or destroys or refuses
to produce any book or document which he may be
required to produce by any such notice; or
refuses or deliberately neglects to furnish any information
which he is required to furnish under paragraph 4(1)(b);
shall be guilty of an offence and shall be liable on summary
conviction to imprisonment for a term not exceeding three months
or to a fine not exceeding level 2 on the standard scale.
The expenses incurred by the Department in relation to the
inquiry (including such sum as the Department may, with the
approval of the Department of Finance and Personnel, determine
in respect of the services of any officer engaged in the inquiry)
shall be paid by such of the parties to the inquiry in such
proportions as the Department may order.
The Department may make orders as to the expenses incurred by
the parties appearing at the inquiry and as to the parties by whom
such expenses shall be paid.
Any order made by the Department under sub-paragraph (1) or
(2) may, on the application of any party to the inquiry, be made a