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Financial Services (Banking Reform) Act 2013

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Changes over time for: Paragraph 12

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Point in time view as at 18/07/2019.

Changes to legislation:

Financial Services (Banking Reform) Act 2013, Paragraph 12 is up to date with all changes known to be in force on or before 06 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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12(1)The scheme details must be published by the Regulator in the way appearing to it to be best calculated to bring them to the attention of the public.U.K.

(2)Before making the financial penalty scheme, the Regulator must publish a draft of the proposed scheme in the way appearing to the Regulator to be best calculated to bring it to the attention of the public.

(3)The draft must be accompanied by notice that representations about the proposals may be made to the Regulator within a specified time.

(4)Before making the scheme, the Regulator must have regard to any representations made to it in accordance with sub-paragraph (3).

(5)If the Regulator makes the proposed scheme, it must publish an account, in general terms, of—

(a)the representations made to it in accordance with sub-paragraph (3), and

(b)its response to them.

(6)If the scheme differs from the draft published under sub-paragraph (2) in a way which is, in the opinion of the Regulator, significant, the Regulator must (in addition to complying with sub-paragraph (5)) publish details of the difference.

(7)The Regulator must, without delay, give the Treasury a copy of any scheme details published by it.

(8)The Regulator may charge a reasonable fee for providing a person with a copy of—

(a)a draft published under sub-paragraph (2);

(b)scheme details.

(9)Sub-paragraphs (2) to (6) and (8)(a) also apply to a proposal to alter or replace the financial penalty scheme.

Modifications etc. (not altering text)

C2Sch. 4 paras. 9-14 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), regs. 1(6), 136(3) (with reg. 3)

Commencement Information

I1Sch. 4 para. 12 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

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