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Financial Services (Banking Reform) Act 2013

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Changes over time for: Section 130

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Point in time view as at 18/07/2019.

Changes to legislation:

Financial Services (Banking Reform) Act 2013, Section 130 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

130Competition as a secondary objective of the PRAU.K.

This section has no associated Explanatory Notes

(1)For section 2H of FSMA 2000 substitute—

2HSecondary competition objective and duty to have regard to regulatory principles

(1)When discharging its general functions in a way that advances its objectives (see section 2F), the PRA must so far as is reasonably possible act in a way which, as a secondary objective, facilitates effective competition in the markets for services provided by PRA-authorised persons in carrying on regulated activities.

(2)In discharging its general functions, the PRA must also have regard to the regulatory principles in section 3B.

(2)In section 3B (regulatory principles to be applied by both regulators), in subsection (1), for “2H(1)(a)” substitute “ 2H(2) ”.

(3)In Schedule 1ZB to FSMA 2000 (the Prudential Regulation Authority)—

(a)in paragraph 19 (annual report), in sub-paragraph (1)—

(i)after paragraph (b) insert—

(ba)how it has complied with section 2H(1),, and

(ii)in paragraph (c), omit the words from “and of” onwards, and

(b)in paragraph 20 (consultation about annual report), in sub-paragraph (1)(c), for the words from “and the PRA” onwards substitute “ and the PRA has facilitated effective competition in accordance with section 2H and has considered the regulatory principles in section 3B ”.

Commencement Information

I1S. 130 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

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