Schedule 1, Part 2 The FCA and the PRA (paras. 3-8)

Regulation 49

Functions of the FCA and the PRA

Functions of the FCA

3.

(1) The FCA has the functions conferred on it by these Regulations.

(2) In determining the general policy and principles by reference to which it performs particular functions under these Regulations, and in giving general guidance under these Regulations, the FCA must, so far as is reasonably possible, act in a way which -

(a) is compatible with its strategic objective as defined in section 1B(2) of the Act [Sections 1B and 1F were inserted by section 6 of the Financial Services Act 2012.] (the FCA's general duties); and

(b) advances one or more of its operational objectives as defined in section 1B(3) of the Act.

Functions of the PRA

4.

(1) The PRA has the functions conferred on it by these Regulations.

(2) In determining the general policy and principles by reference to which it performs particular functions under these Regulations, the PRA must, so far as is reasonably possible, act in a way which is compatible

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