1. UK Financial Services Law
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  1. Financial Services Act 2012 (c. 21)
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Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Published date: 19 December 2012

Financial Services Act 2012 (c. 21)

Consolidation Status: Updated to reflect all known changes
Comparing proposed amendment...
Introductory Text
Part 1 Bank of England (ss. 1-5)
In force
 1. Deputy Governors
In force
 2. The Bank's financial stability objective
In force
 3. Oversight Committee
In force
 4. Financial stability strategy and Financial Policy Committee
In force
 5. Further amendments relating to Bank of England
Part 2 Amendments of Financial Services and Markets Act 2000 (ss. 6-49)
Financial Conduct Authority and Prudential Regulation Authority (s. 6)
In force
 6. The new Regulators
Regulated activities (ss. 7-9)
In force
 7. Extension of scope of regulation
In force
 8. Orders under section 22 of FSMA 2000
In force
 9. Designation of activities requiring prudential regulation by PRA
Appointed representatives (s. 10)
In force
 10. Appointed representatives
Permission to carry on regulated activities (s. 11)
In force
 11. Permission to carry on regulated activities
Passporting (s. 12)
In force
 12. Passporting: exercise of EEA rights and Treaty rights
Performance of regulated activities (ss. 13-15)
In force
 13. Prohibition orders
In force
 14. Approval for particular arrangements
In force
 15. Further amendments relating to performance of regulated activities
Official listing (ss. 16-21)
In force
 16. FCA to exercise functions under Part 6 of FSMA 2000
In force
 17. Discontinuance or suspension at the request of the issuer: procedure
In force
 18. Listing rules: disciplinary powers in relation to sponsors
In force
 19. Primary information providers
In force
 20. Penalties for breach of Part 6 rules
In force
 21. Repeal of competition scrutiny power
Control of business transfers (s. 22)
In force
 22. Control of business transfers
Hearings and appeals (s. 23)
In force
 23. Proceedings before Tribunal
Rules and guidance (s. 24)
In force
 24. Rules and guidance
Short selling (s. 25)
In force
 25. Functions relating to short selling
Control over authorised persons (ss. 26-27)
In force
 26. Control over authorised persons
In force
 27. Powers of regulators in relation to parent undertakings
Recognised investment exchanges and clearing houses (ss. 28-35)
In force
 28. Exemption for recognised investment exchanges and clearing houses
In force
 29. Powers in relation to recognised investment exchanges and clearing houses
In force
 30. Recognition requirements: power of FCA and Bank to make rules
In force
 31. Additional power to direct UK clearing houses
In force
 32. Recognised bodies: procedure for giving directions under s. 296 etc.
In force
 33. Power to take disciplinary measures against recognised bodies
In force
 34. Repeal of special competition regime
In force
 35. Sections 28 to 34: minor and consequential amendments
Suspension and removal of financial instruments from trading (s. 36)
In force
 36. Suspension and removal of financial instruments from trading
Discipline and enforcement (s. 37)
In force
 37. Discipline and enforcement
Financial Services Compensation Scheme (s. 38)
In force
 38. The Financial Services Compensation Scheme
Financial ombudsman service (s. 39)
In force
 39. The financial ombudsman service
Lloyd's (s. 40)
In force
 40. Lloyd's
Information (s. 41)
In force
 41. Information, investigations, disclosure etc.
Auditors and actuaries (s. 42)
In force
 42. Auditors and actuaries
Consumer protection and competition (s. 43)
In force
 43. Provisions about consumer protection and competition
Insolvency (s. 44)
In force
 44. Insolvency
Miscellaneous amendments of FSMA 2000 (ss. 45-49)
Omitted
 45. The consumer financial education body
In force
 46. Members of the professions
In force
 47. International obligations
In force
 48. Interpretation of FSMA 2000
In force
 49. Parliamentary control of statutory instruments
Part 3 Mutual societies (ss. 50-57)
Transfer of functions (ss. 50-54)
In force
 50. Mutual societies: power to transfer functions
In force
 51. Further provision that may be included in orders under section 50
In force
 52. Power to apply or disapply provision made by or under FSMA 2000
In force
 53. Evidence
In force
 54. Repeals in Part 21 of FSMA 2000
Building societies: miscellaneous (ss. 55-56)
Omitted
 55. Building societies: creation of floating charges
In force
 56. Power to direct transfer of building society's business
Interpretation (s. 57)
In force
 57. Interpretation of Part 3
Part 4 Collaboration between Treasury and Bank of England, FCA or PRA (ss. 58-67)
In force
 57A. Duty of Bank to provide information required by Treasury
In force
 57B. Duty of Bank to inform Treasury about resolution plans
In force
 58. Duty of Bank to notify Treasury of possible need for public funds
In force
 59. Duty of Bank to notify Treasury of changes
In force
 60. Circumstances in which Treasury power of direction exercisable
In force
 61. Treasury power of direction
In force
 62. Directions under section 61: supplementary provisions
In force
 63. Duty to lay direction etc before Parliament
In force
 64. Duty of Treasury, Bank and PRA to co-ordinate discharge of functions
In force
 65. Memorandum of understanding: resolution planning and crisis management
In force
 66. Memorandum of understanding: international organisations
In force
 67. Interpretation of Part 4
Part 5 Inquiries and investigations (ss. 68-83)
Inquiries (ss. 68-72)
In force
 68. Cases in which Treasury may arrange independent inquiries
In force
 69. Power to appoint person to hold an inquiry
In force
 70. Powers of appointed person and procedure
In force
 71. Conclusion of inquiry
In force
 72. Obstruction and contempt
Investigations (ss. 73-81)
In force
 73. Duty of FCA to investigate and report on possible regulatory failure
In force
 74. Duty of PRA to investigate and report on possible regulatory failure
In force
 75. Interpretation of section 74
In force
 76. Modification of section 74 in relation to Lloyd's
In force
 76A. Duty of Payment Systems Regulator to investigate and report on possible regulatory failure
In force
 77. Power of Treasury to require regulator to undertake investigation
In force
 78. Conduct of investigation
In force
 79. Conclusion of investigation
In force
 80. Statements of policy
In force
 81. Publication of directions
Publication of reports (s. 82)
In force
 82. Publication of reports of inquiries and investigations
Supplementary (s. 83)
In force
 83. Interpretation and supplementary provision
Part 6 Investigation of complaints against regulators (ss. 84-88)
In force
 84. Arrangements for the investigation of complaints
In force
 85. Relevant functions in relation to complaints scheme
In force
 86. Consultation in relation to, and publication of, complaints scheme
In force
 87. Investigation of complaints
In force
 88. Exemption from liability in damages
Part 7 Offences relating to financial services (ss. 89-95)
In force
 89. Misleading statements
In force
 90. Misleading impressions
In force
 91. Misleading statements etc in relation to benchmarks
In force
 92. Penalties
In force
 93. Interpretation of Part 7
In force
 94. Affirmative procedure for certain orders
In force
 95. Consequential repeal
Part 8 Amendments of Banking Act 2009 (ss. 96-106)
Special resolution regime and bank administration (96-103)
Partly in force
 96. Objectives and conditions
In force
 97. Private sector purchasers
In force
 98. Property transfer instruments: property held on trust
In force
 99. Reports following exercise of a stabilisation power
In force
 100. Groups
In force
 101. Application to investment firms
Omitted
 102. Application to UK clearing houses
Omitted
 103. State aid
Inter-bank payment systems (ss. 104-105)
In force
 104. Inter-bank payment systems
In force
 105. International obligations
Further amendments (s. 106)
In force
 106. Amendments relating to new regulators
Part 9 Miscellaneous (ss. 107-113)
Consumer credit (ss. 107-108)
In force
 107. Power to make further provision about regulation of consumer credit
In force
 108. Suspension of licences under Part 3 of Consumer Credit Act 1974
Penalties received by Financial Services Authority or Bank of England (ss. 109-110)
In force
 109. Payment to Treasury of penalties received by Financial Services Authority
Partly in force
 110. Payment to Treasury of penalties received by Bank of England
Amendments of Companies Act 1989 (s. 111)
In force
 111. Amendments of Companies Act 1989
Settlement systems (s. 112)
In force
 112. Evidencing and transfer of title to securities without written instrument
Director of Savings (s. 113)
In force
 113. Provision of services by Director of Savings
Part 10 General (ss. 114-123)
Further amendments and repeals (s. 114)
In force
 114. Further minor and consequential amendments and repeals
Orders (ss. 115-116)
In force
 115. Orders: general
In force
 116. Orders: Parliamentary control
Interpretation (s. 117)
In force
 117. Interpretation
Consequential and transitional provisions (ss. 118-119)
In force
 118. Power to make further consequential amendments etc
In force
 119. Transitional provisions and savings
Final provisions (ss. 120-123)
In force
 120. Financial provision
In force
 121. Extent
In force
 122. Commencement
In force
 123. Short title
Schedules
Schedule 1 Bank of England Financial Policy Committee
In force
 Schedule 1, Part 1 Schedule to be inserted as Schedule 2A to Bank of England Act 1998
In force
 Schedule 1, Part 2 Other amendments relating to Financial Policy Committee
In force
 Schedule 2 Further amendments relating to Bank of England
In force
 Schedule 3 Financial Conduct Authority and Prudential Regulation Authority: Schedules to be substituted as Schedules 1ZA and 1ZB to FSMA 2000
Schedule 4 EEA passport rights and treaty rights (paras. 1-43)
In force
 Schedule 4, Part 1 Amendments of Schedule 3 to FSMA 2000: EEA passport rights (paras. 1-21)
In force
 Schedule 4, Part 2 Amendments of Schedule 4 to FSMA 2000: Treaty rights (paras. 22-26)
In force
 Schedule 4, Part 3 Amendments of sections 34 and 35 of FSMA 2000: EEA firms and Treaty firms (paras. 27-28)
In force
 Schedule 4, Part 4 Amendments of Part 13 of FSMA 2000: Powers of intervention (paras. 29-43)
In force
 Schedule 5 Performance of regulated activities
In force
 Schedule 6 Control of business transfers
In force
 Schedule 7 Application of provisions of FSMA 2000 to Bank of England etc.
In force
 Schedule 8 Sections 28 to 34: minor and consequential amendments
Schedule 9 Discipline and enforcement
In force
 Schedule 9, Part 1 Introductory (para. 1)
In force
 Schedule 9, Part 2 Authorised persons acting without permission (paras. 2-8)
In force
 Schedule 9, Part 3 Market abuse (para. 9)
In force
 Schedule 9, Part 4 Disciplinary measures (paras. 10-18)
In force
 Schedule 9, Part 5 Injunctions and restitution (paras. 19-25)
In force
 Schedule 9, Part 6 Notice procedures (paras. 26-35)
In force
 Schedule 9, Part 7 Offences (paras. 36-40)
In force
 Schedule 9, Part 8 Co-operation (para. 41)
In force
 Schedule 10 The Financial Services Compensation Scheme
In force
 Schedule 11 The financial ombudsman service
Schedule 12 Amendments of Parts 11 and 23 of FSMA 2000
In force
 Schedule 12, Part 1 Part 11 of FSMA 2000: information gathering and investigations
In force
 Schedule 12, Part 2 Part 23 of FSMA 2000: public record, disclosure of information and co-operation
In force
 Schedule 13 Auditors and actuaries
In force
 Schedule 14 Amendments of Part 24 of FSMA 2000: Insolvency
Omitted
 Schedule 15 The consumer financial education body
In force
 Schedule 16 Provision of financial services by members of the professions
Schedule 17 Amendments of Banking Act 2009 related to Part 2 of this Act
In force
 Schedule 17, Part 1 Amendments of Part 1 of the Act
In force
 Schedule 17, Part 2 Amendments of Part 2 of the Act
In force
 Schedule 17, Part 3 Amendments of Part 3 to the Act
In force
 Schedule 17, Part 4 Amendments of Parts 4 to 6 of the Act
Schedule 18 Further minor and consequential amendments
In force
 Schedule 18, Part 1 Amendments of FSMA 2000
In force
 Schedule 18, Part 2 Amendments of other Acts of Parliament
In force
 Schedule 18, Part 3 Amendments of Acts of the Scottish Parliament
In force
 Schedule 18, Part 4 Amendments of Northern Ireland legislation
In force
 Schedule 18, Part 5 Amendment of Measure of the National Assembly for Wales
In force
 Schedule 19 Repeals
In force
 Schedule 20 Transitional provisions
Schedule 21 Transfer schemes
In force
 Schedule 21, Part 1 Property, rights and liabilities of Financial Services Authority
In force
 Schedule 21, Part 2 Property, rights and liabilities of Office of Fair Trading
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