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Financial Services (Banking Reform) Act 2013 (c. 33)Introductory TextPart 1 Ring-fencing (ss. 1-12)Ring-fencing (ss. 1-7)1. Objectives of Prudential Regulation Authority2. Modification of objectives of Financial Conduct Authority3. Amendment of PRA power of direction4. Ring-fencing of certain activities5. PRA annual report6. Ring-fencing transfer schemes7. Building societies: power to make provision about ring-fencingReviews (ss. 8-12)8. Independent review of operation of legislation relating to ring-fencing9. PRA review of proprietary trading10. Independent review of proprietary trading11. Reviews of proprietary trading: interpretation12. Right to obtain documents and informationPart 2 Depositor preference and the Financial Services Compensation Scheme (ss. 13-16)Depositor preference (s. 13)13. Preferential debts: Great BritainFinancial Services Compensation Scheme (ss. 14-16)14. Discharge of functions by the scheme manager15. Power to require information from scheme manager16. Scheme manager: appointment of accounting officerPart 3 Bail-in stabilisation option (s. 17)17. Bail-in stabilisation optionPart 4 Conduct of persons working in financial services sector (ss. 18-38)Amendments of FSMA 2000 (ss. 18-35)18. Functions for which approval is required19. Senior management functions20. Statements of responsibilities21. Vetting by relevant authorised persons of candidates for approval22. Determination of applications for approval23. Power to give approval subject to conditions or for limited period24. Changes in responsibilities of senior managers25. Duty to notify regulator of grounds for withdrawal of approval26. Variation of approval27. Statement of policy28. Extension of limitation periods for imposing sanctions29. Certification of employees by relevant authorised persons30. Rules of conduct31. Requirement to notify regulator of disciplinary action32. Definition of "misconduct"33. Meaning of "relevant authorised person"34. Recording information about senior managers35. Consequential amendments relating to Part 4Offence (ss. 36-38)36. Offence relating to a decision causing a financial institution to fail37. Section 36: interpretation38. Institution of proceedingsPart 5 Regulation of payment systems (ss. 39-110)Overview (s. 39)39. OverviewThe Payment Systems Regulator (s. 40)40. The Payment Systems Regulator"Payment system" etc (ss. 41-42)41. Meaning of "payment system"42. Participants in payment systems etcDesignation as a regulated payment system (ss. 43-48)43. Designation orders44. Designation criteria45. Procedure46. Amendment of designation order47. Revocation of designation orders48. PublicationGeneral duties of Regulator (ss. 49-53)49. Regulator's general duties in relation to payment systems50. The competition objective51. The innovation objective52. The service-user objective53. Regulatory principlesRegulatory and competition functions (ss. 54-67)54. Directions55. System rules56. Power to require granting of access to payment systems57. Variation of agreements relating to payment systems58. Power to require disposal of interest in payment system59. The Regulator's functions under Part 4 of the Enterprise Act 200260. Restrictions on exercise of functions under Part 4 of the Enterprise Act 200261. The Regulator's functions under the Competition Act 199862. Duty to consider exercise of powers under Competition Act 199863. Provision of information and assistance to a CMA group64. Function of keeping markets under review65. Exclusion of general duties66 Concurrent competition powers: supplementary provision67. Amendments relating to Regulator's competition powersComplaints (ss. 68-70)68. Complaints by representative bodies69. Response by Regulator70. Complaints: guidanceEnforcement and appeals (ss. 71-80)71. Meaning of "compliance failure"72. Publication of compliance failures etc73. Penalties74. Warning notices75. Injunctions76. Appeals: general77. Appeals to Competition Appeal Tribunal78. Appeals in relation to penalties79. Appeals to Competition and Markets Authority80. Enforcement of requirement to dispose of interest in payment systemInformation and investigation powers (ss. 81-90)81. Power to obtain information or documents82. Reports by skilled persons83. Appointment of persons to conduct investigations84. Investigations: general85. Powers of persons appointed under section 8386. Information and documents: supplemental provisions87. Admissibility of statements made to investigators88. Entry of premises under warrant89. Retention of documents taken under section 8890. Enforcement of information and investigation powersDisclosure of information (ss. 91-95)91. Restrictions on disclosure of confidential information92. Exemptions from section 9193. Offences relating to disclosure of confidential information94. Information received from Bank of England95. Disclosure of information by Bank to RegulatorGuidance (s. 96)96. GuidanceReports (s. 97)97. ReportsTechnical Standards (ss. 97A-97D)97A. Technical standards97B. Standards instruments97C. Treasury approval97D. Application of section 104 of this Act and Part 9A of the Financial Services and Markets Act 2000Relationship with other regulators (ss. 98-102)98. Duty of regulators to ensure co-ordinated exercise of functions99. Memorandum of understanding100. Power of Bank to require Regulator to refrain from specified action101. Power of FCA to require Regulator to refrain from specified action102. Power of PRA to require Regulator to refrain from specified actionRecommendations (s. 102A)102A. Recommendations by Treasury in connection with general dutiesConsultation, accountability and oversight (ss. 102B-107A)102B. Matters to consider when imposing generally applicable requirements103. Regulator's general duty to consult104. Consultation in relation to generally applicable requirements104A. Requirements in connection with public consultations104B. Duty of Regulator to review generally applicable requirements104C. Statement of policy relating to review of requirements104D. Requirement to review specified requirements 104E. Report on certain reviews104F. Power of Treasury to require the imposition of generally applicable requirements104G. Consultation with the FCA Cost Benefit Analysis Panel104H. Statement of policy in relation to cost benefit analyses104I. Statement of policy on panel appointments105. Independent inquiries106. Investigations into regulatory failure107. Competition scrutiny107A. International trade obligationsMiscellaneous and supplemental (ss. 108-110)108. Relationship with Part 8 of the Payment Services Regulations 2017109. Exemption from liability in damages for FCA and PRA110. Interpretation of PartPart 6 Special administration for operators of certain infrastructure systems (ss. 111-128)Introductory (ss. 111-113)111. Financial market and cash infrastructure administration112. Interpretation: infrastructure companies113. Interpretation: other expressionsFMI administration orders (ss. 114-121)114. FMI administration orders115. Objective of FMI administration116. Application for FMI administration order117. Powers of court118. FMI administrators119. Continuity of supply120. Power to direct FMI administrator121. Conduct of administration, transfer schemes etc.Restrictions on other insolvency procedures (ss. 122-124)122. Restriction on winding-up orders and voluntary winding up123. Restriction on making of ordinary administration orders124. Restriction on enforcement of security124A. Powers of Bank to participate in Part 26A proceedingsFinancial support for companies in FMI administration (ss. 125-126)125. Loans126. IndemnitiesInterpretation (s. 127)127. Interpretation of PartApplication of Part to Northern Ireland (s. 128)128. Northern IrelandPart 7 Miscellaneous (ss. 129-141)Competition (ss. 129-130)129. Functions of FCA under competition legislation130. Competition as a secondary objective of the PRAConsumers (ss. 131-132)131. Duty of FCA to make rules restricting charges for high-cost short-term credit132. Role of FCA Consumer Panel in relation to PRAParent undertakings (s. 133)133. Power of FCA and PRA to make rules applying to parent undertakingsMeetings with auditors (s. 134)134. Duty to meet auditors of certain institutionsFees to meet Treasury expenditure (s. 135)135. Fees to meet Treasury expenditure relating to international organisationsParliamentary control of statutory instruments under FSMA 2000 (s. 136)136. Amendments of section 429 of FSMA 2000Bank of England (s. 137)137. Accounts of Bank of England and its wholly-owned subsidiariesBuilding societies (s. 138)138. Building societiesClaims management services (ss. 139-140)139. Power to impose penalties on persons providing claims management services140. Recovery of expenditure incurred by Office for Legal ComplaintsMinor amendments (s. 141)141. Minor amendmentsPart 8 Final provisions (ss. 142-148)142. Orders and regulations: general143. Orders and regulations: Parliamentary control144. Interpretation145. Power to make further consequential amendments146. Transitional provisions and savings147. Extent148. Commencement and short titleSchedule 1 Ring-fencing transfer schemesSchedule 2 Bail-in stabilisation optionSchedule 2, Part 1 Amendments of Banking Act 2009Schedule 2, Part 2 Modification of Investment Bank Special Administration Regulations 2011Schedule 3 Consequential amendments relating to Part 4Schedule 4 The Payment Systems RegulatorSchedule 5 Procedure for appeals to the CMASchedule 6 Conduct of FMI administrationSchedule 7 Financial market infrastructure transfer schemesSchedule 8 Functions of FCA under competition legislationSchedule 8, Part 1 Amendments of Financial Services and Markets Act 2000Schedule 8, Part 2 Amendments of other legislationSchedule 9 Building societiesSchedule 10 Minor amendments
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AI Summary of Part 4 Conduct of persons working in financial services sector (ss. 18-38)

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Version status: | Document consolidation status: Updated to reflect all known changes
Version date: 18 December 2013 - onwards

Part 4 Conduct of persons working in financial services sector (ss. 18-38)

Future version Amendment requiring commencement Draft proposed change
Amendments of FSMA 2000 (ss. 18-35)
18. Functions for which approval is required
19. Senior management functions
20. Statements of responsibilities
21. Vetting by relevant authorised persons of candidates for approval
22. Determination of applications for approval
23. Power to give approval subject to conditions or for limited period
24. Changes in responsibilities of senior managers
25. Duty to notify regulator of grounds for withdrawal of approval
26. Variation of approval
27. Statement of policy
28. Extension of limitation periods for imposing sanctions
29. Certification of employees by relevant authorised persons
30. Rules of conduct
31. Requirement to notify regulator of disciplinary action
32. Definition of "misconduct"
33. Meaning of "relevant authorised person"
34. Recording information about senior managers
35. Consequential amendments relating to Part 4
Offence (ss. 36-38)
36. Offence relating to a decision causing a financial institution to fail
37. Section 36: interpretation
38. Institution of proceedings
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