http://www.legislation.gov.uk/ukpga/2013/33/section/28Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2024-08-01 PART 4 Conduct of persons working in financial services sector<Emphasis>Amendments of </Emphasis>FSMA 2000Extension of limitation periods for imposing sanctions281Section 63A of FSMA 2000 (power to impose penalties) is amended as follows.2In subsection (4), for “period of three years” substitute “ relevant period ”.3After subsection (5A) insert—5BThe relevant period” is—ain relation to the performance of a controlled function without approval before the day on which this subsection comes into force, the period of 3 years, andbin relation to the performance of a controlled function without approval on or after that day, the period of 6 years.4Section 66 of FSMA 2000 (disciplinary powers) is amended as follows.5In subsection (4), for “period of three years” substitute “ relevant period ”.6After subsection (5) insert—5ZAThe relevant period” is—ain relation to misconduct which occurs before the day on which this subsection comes into force, the period of 3 years, andbin relation to misconduct which occurs on or after that day, the period of 6 years.S. 28 in force at 25.7.2014 by S.I. 2014/1819, art. 2(1)(c)
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<Legislation xmlns="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33" NumberOfProvisions="434" xml:lang="en" xsi:schemaLocation="http://www.legislation.gov.uk/namespaces/legislation http://www.legislation.gov.uk/schema/legislation.xsd" SchemaVersion="1.0" RestrictExtent="E+W+S+N.I." RestrictStartDate="2024-08-01">
<ukm:Metadata xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata">
<dc:identifier>http://www.legislation.gov.uk/ukpga/2013/33/section/28</dc:identifier>
<dc:title>Financial Services (Banking Reform) Act 2013</dc:title>
<dc:description>An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.</dc:description>
<dc:type>text</dc:type>
<dc:format>text/xml</dc:format>
<dc:language>en</dc:language>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2024-09-06</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2024-08-01</dct:valid>
<atom:link rel="self" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/data.xml" type="application/xml"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/resources" href="http://www.legislation.gov.uk/ukpga/2013/33/resources" title="More Resources"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/notes" href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28/notes" title="Explanatory Notes"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/notes/toc" href="http://www.legislation.gov.uk/ukpga/2013/33/notes/contents" title="Explanatory Notes Table of Contents"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/act" href="http://www.legislation.gov.uk/ukpga/2013/33" title="whole act"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/introduction" href="http://www.legislation.gov.uk/ukpga/2013/33/introduction" title="introduction"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/body" href="http://www.legislation.gov.uk/ukpga/2013/33/body" title="body"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/schedules" href="http://www.legislation.gov.uk/ukpga/2013/33/schedules" title="schedules"/>
<atom:link rel="alternate" type="application/rdf+xml" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/data.rdf" title="RDF/XML"/>
<atom:link rel="alternate" type="application/akn+xml" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/data.akn" title="AKN"/>
<atom:link rel="alternate" type="application/xhtml+xml" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/data.xht" title="HTML snippet"/>
<atom:link rel="alternate" type="text/html" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/data.htm" title="Website (XHTML) Default View"/>
<atom:link rel="alternate" type="text/csv" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/data.csv" title="CSV"/>
<atom:link rel="alternate" type="application/pdf" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/data.pdf" title="PDF"/>
<atom:link rel="alternate" type="application/akn+xhtml" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/data.html" title="HTML5 snippet"/>
<atom:link rel="http://purl.org/dc/terms/tableOfContents" hreflang="en" href="http://www.legislation.gov.uk/ukpga/2013/33/contents" title="Table of Contents"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/enacted" title="enacted"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2013/33/section/28/2014-07-25" title="2014-07-25"/>
<atom:link rel="up" href="http://www.legislation.gov.uk/ukpga/2013/33" title="Entire legislation"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/ukpga/2013/33/section/27" title="Provision; Section 27"/>
<atom:link rel="prevInForce" href="http://www.legislation.gov.uk/ukpga/2013/33/section/27" title="Provision; Section 27"/>
<atom:link rel="next" href="http://www.legislation.gov.uk/ukpga/2013/33/section/29" title="Provision; Section 29"/>
<atom:link rel="nextInForce" href="http://www.legislation.gov.uk/ukpga/2013/33/section/29" title="Provision; Section 29"/>
<ukm:PrimaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="primary"/>
<ukm:DocumentMainType Value="UnitedKingdomPublicGeneralAct"/>
<ukm:DocumentStatus Value="revised"/>
</ukm:DocumentClassification>
<ukm:Year Value="2013"/>
<ukm:Number Value="33"/>
<ukm:EnactmentDate Date="2013-12-18"/>
<ukm:ISBN Value="9780105433132"/>
<ukm:UnappliedEffects>
<ukm:UnappliedEffect AffectingProvisions="Order" URI="http://www.legislation.gov.uk/id/effect/key-31d6ebbf8dd56809c84dbeda9c753fd4" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2013/33" AffectingClass="UnitedKingdomStatutoryInstrument" AffectedNumber="33" Comments="Already added to appended commentary for EXTOES for 2014 SI0490" TypeNotes="savings and transitional provisions for commencing SI 2015/490" AffectedClass="UnitedKingdomPublicGeneralAct" RequiresApplied="false" EffectId="key-31d6ebbf8dd56809c84dbeda9c753fd4" Type="savings and transitional provisions for commencing SI 2015/490" AffectedYear="2013" AffectingURI="http://www.legislation.gov.uk/id/uksi/2015/492" AffectingNumber="492" Row="23" Modified="2019-01-03T09:36:07Z" AffectingYear="2015" AffectedProvisions="specified provision(s)">
<ukm:AffectedTitle>Financial Services (Banking Reform) Act 2013</ukm:AffectedTitle>
<ukm:AffectedProvisions>specified provision(s)</ukm:AffectedProvisions>
<ukm:AffectingTitle>The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>Order</ukm:AffectingProvisions>
<ukm:InForceDates>
<ukm:InForce Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect TypeNotes="amendment to earlier commencing S.I. 2015/490, art. 2" AffectingURI="http://www.legislation.gov.uk/id/uksi/2015/2055" Comments="Amendment reflected in appended commentary in EXTOES for 2015 SI0490" AffectedYear="2013" AffectingClass="UnitedKingdomStatutoryInstrument" AffectedNumber="33" AffectingProvisions="art. 2" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2013/33" Type="amendment to earlier commencing S.I. 2015/490, art. 2" AffectingYear="2015" EffectId="key-ff13df488d691c8ca98c37a43cfb1500" RequiresApplied="false" Modified="2019-01-03T09:36:07Z" AffectedClass="UnitedKingdomPublicGeneralAct" Row="24" AffectingNumber="2055" AffectedProvisions="specified provision(s)" URI="http://www.legislation.gov.uk/id/effect/key-ff13df488d691c8ca98c37a43cfb1500" AffectingEffectsExtent="E+W+S+N.I.">
<ukm:AffectedTitle>Financial Services (Banking Reform) Act 2013</ukm:AffectedTitle>
<ukm:AffectedProvisions>specified provision(s)</ukm:AffectedProvisions>
<ukm:AffectingTitle>The Financial Services (Banking Reform) Act 2013 (Commencement No. 9) (Amendment) Order 2015</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="article-2" URI="http://www.legislation.gov.uk/id/uksi/2015/2055/article/2">art. 2</ukm:Section>
</ukm:AffectingProvisions>
<ukm:InForceDates>
<ukm:InForce Date="2015-12-16" Qualification="wholly in force"/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect Created="2024-07-01T15:31:50Z" EffectId="key-801017c5ed06026b478a4e0822a8574a" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2024/13" AffectingYear="2024" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" Row="914" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedYear="2013" AffectingClass="UnitedKingdomPublicGeneralAct" AffectingNumber="13" RequiresApplied="true" AffectingProvisions="Sch. 29 para. 11(2)" Type="inserted" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2013/33" URI="http://www.legislation.gov.uk/id/effect/ukpga-2024-13-gatg7ly5-914" AffectedNumber="33" AffectedProvisions="s. 59(7)">
<ukm:AffectedTitle>Financial Services (Banking Reform) Act 2013</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-59-7" URI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/59/7" FoundRef="section-59">s. 59(7)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Digital Markets, Competition and Consumers Act 2024</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-29" URI="http://www.legislation.gov.uk/id/ukpga/2024/13/schedule/29">Sch. 29 </ukm:Section>
<ukm:Section Ref="schedule-29-paragraph-11-2" URI="http://www.legislation.gov.uk/id/ukpga/2024/13/schedule/29/paragraph/11/2">para. 11(2)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-339-1" URI="http://www.legislation.gov.uk/id/ukpga/2024/13/section/339/1">s. 339(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectedClass="UnitedKingdomPublicGeneralAct" Created="2024-07-01T15:31:50Z" AffectingClass="UnitedKingdomPublicGeneralAct" RequiresApplied="true" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedProvisions="s. 61(6)" Row="915" URI="http://www.legislation.gov.uk/id/effect/ukpga-2024-13-gatg7ly5-915" Type="inserted" AffectedYear="2013" AffectingNumber="13" AffectingProvisions="Sch. 29 para. 11(3)" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2013/33" AffectedNumber="33" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2024/13" EffectId="key-b99e804959b58247eadaa96bb8768681" AffectingYear="2024">
<ukm:AffectedTitle>Financial Services (Banking Reform) Act 2013</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-61-6" URI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/61/6" FoundRef="section-61">s. 61(6)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Digital Markets, Competition and Consumers Act 2024</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-29" URI="http://www.legislation.gov.uk/id/ukpga/2024/13/schedule/29">Sch. 29 </ukm:Section>
<ukm:Section Ref="schedule-29-paragraph-11-3" URI="http://www.legislation.gov.uk/id/ukpga/2024/13/schedule/29/paragraph/11/3">para. 11(3)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-339-1" URI="http://www.legislation.gov.uk/id/ukpga/2024/13/section/339/1">s. 339(1)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
</ukm:UnappliedEffects>
</ukm:PrimaryMetadata>
<ukm:Notes>
<ukm:Note IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28/notes" DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/28/notes"/>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/ukpga/2013/33/pdfs/ukpgaen_20130033_en.pdf" Date="2014-02-04" Title="Explanatory Note" Size="789993"/>
</ukm:Alternatives>
</ukm:Notes>
<ukm:CorrectionSlips>
<ukm:CorrectionSlip URI="http://www.legislation.gov.uk/ukpga/2013/33/pdfs/ukpgacs_20130033_en_003.pdf" Date="2018-11-26" Title="Correction Slip 3" Size="11459"/>
<ukm:CorrectionSlip URI="http://www.legislation.gov.uk/ukpga/2013/33/pdfs/ukpgacs_20130033_en_001.pdf" Date="2015-03-16" Title="Correction Slip 1" Size="11375"/>
<ukm:CorrectionSlip URI="http://www.legislation.gov.uk/ukpga/2013/33/pdfs/ukpgacs_20130033_en.pdf" Date="2014-03-27" Title="Correction Slip" Size="11591"/>
</ukm:CorrectionSlips>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/ukpga/2013/33/pdfs/ukpga_20130033_en.pdf" Date="2013-12-20" Size="1498429"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="437"/>
<ukm:BodyParagraphs Value="223"/>
<ukm:ScheduleParagraphs Value="214"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="0"/>
</ukm:Statistics>
</ukm:Metadata>
<Primary>
<Body DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/body" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/body" NumberOfProvisions="223" RestrictStartDate="2024-08-01">
<Part DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/part/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/part/4" NumberOfProvisions="36" id="part-4" RestrictStartDate="2023-02-07">
<Number>
<Strong>PART 4</Strong>
</Number>
<Title>Conduct of persons working in financial services sector</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/part/4/crossheading/amendments-of-fsma-2000" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/part/4/crossheading/amendments-of-fsma-2000" NumberOfProvisions="33" id="part-4-crossheading-amendments-of-fsma-2000" RestrictStartDate="2021-12-07">
<Title>
<Emphasis>Amendments of </Emphasis>
FSMA 2000
</Title>
<P1group RestrictStartDate="2014-07-25">
<Title>Extension of limitation periods for imposing sanctions</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/28" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28" id="section-28">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-a9e6c0ffca9bfc246896744deb4dec42"/>
28
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/28/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28/1" id="section-28-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Section 63A of FSMA 2000 (power to impose penalties) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/28/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28/2" id="section-28-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In subsection (4), for “period of three years” substitute
<InlineAmendment>“ relevant period ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/28/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28/3" id="section-28-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>After subsection (5A) insert—</Text>
<BlockAmendment TargetClass="primary" TargetSubClass="unknown" Context="main" Format="default">
<P2>
<Pnumber>5B</Pnumber>
<P2para>
<Text>The relevant period” is—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>in relation to the performance of a controlled function without approval before the day on which this subsection comes into force, the period of 3 years, and</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>in relation to the performance of a controlled function without approval on or after that day, the period of 6 years.</Text>
</P3para>
</P3>
</P2para>
</P2>
</BlockAmendment>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/28/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28/4" id="section-28-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Section 66 of FSMA 2000 (disciplinary powers) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/28/5" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28/5" id="section-28-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
In subsection (4), for “period of three years” substitute
<InlineAmendment>“ relevant period ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/28/6" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28/6" id="section-28-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>After subsection (5) insert—</Text>
<BlockAmendment TargetClass="primary" TargetSubClass="unknown" Context="main" Format="default">
<P2>
<Pnumber>5ZA</Pnumber>
<P2para>
<Text>The relevant period” is—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>in relation to misconduct which occurs before the day on which this subsection comes into force, the period of 3 years, and</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>in relation to misconduct which occurs on or after that day, the period of 6 years.</Text>
</P3para>
</P3>
</P2para>
</P2>
</BlockAmendment>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="key-a9e6c0ffca9bfc246896744deb4dec42" Type="I">
<Para>
<Text>
<CitationSubRef SectionRef="section-28" URI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/28" id="cygv9tk61-00025">S. 28</CitationSubRef>
in force at 25.7.2014 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/1819" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="1819" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 5) Order 2014" id="cygv9tk61-00026">S.I. 2014/1819</Citation>
,
<CitationSubRef SectionRef="article-2-1-c" URI="http://www.legislation.gov.uk/id/uksi/2014/1819/article/2/1/c" CitationRef="cygv9tk61-00026" Operative="true" id="cygv9tk61-00027">art. 2(1)(c)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>