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The Financial Conglomerates and Other Financial Groups Regulations 2004, Section 5 is up to date with all changes known to be in force on or before 06 June 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.
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5.—(1) Before [F1a regulator]—
(a)varies the Part IV permission of a member of a financial conglomerate (“D”);
(b)publishes a statement under section 205 of the Act (public censure) that it considers that D has contravened a requirement imposed on him by or under the Act;
(c)imposes a penalty on D in respect of such a contravention under section 206 of the Act (financial penalties); or
(d)exercises any of its powers (other than its powers under section 381, 383 or 384(2)) under Part XXV of the Act (injunctions and restitution) in relation to D,
it must, if it considers that the action constitutes a major sanction or an exceptional measure and is of importance for the supervisory tasks of the competent authority of any regulated entity which is a member of the same financial conglomerate as D, consult that competent authority.
(2) But paragraph (1) does not apply—
(a)where the [F2relevant regulator] considers that there is an urgent need to act;
(b)where [F2relevant regulator] considers that such consultation may jeopardise the effectiveness of the action mentioned in paragraph (1); or
(c)where regulation 3, 8(3) or (4), 9 or 10 applies.
(3) Where paragraph (1) does not apply by virtue of paragraph (2)(a) or (b), the [F3relevant regulator] must, as soon as is reasonably practicable, inform the competent authority referred to in paragraph (1) of the action that it has taken.
Textual Amendments
F1Words in reg. 5(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(6)(a) (with Sch. 2 para. 96)
F2Words in reg. 5(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(6)(b) (with Sch. 2 para. 96)
F3Words in reg. 5(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(6)(c) (with Sch. 2 para. 96)
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