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Financial Services and Markets Act 2000

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Part IXU.K. Hearings and Appeals

Modifications etc. (not altering text)

C1Pt. IX applied (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 46A(7) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(1) Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. IX applied (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 58A(7) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 75 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. IX applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 85(4C)(4D) (as inserted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 95 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. IX applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 93(6B)(6C) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 177(d) (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

C9Pt. IX applied (with modifications) (31.12.2009) by Banking Act 2009 (c. 1), ss. 202(3), 263(1) (with ss. 206, 247); S.I. 2009/3000, art. 4, Sch. para. 2 (with art. 2)

C10Pt. IX applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. paras. 7, 8

C16Pt. IX applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(4)

C19Pt. IX applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 30

C22Pt. IX applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 24(1) (with Pt. 4)

C28Pt. IX applied (with modifications) (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 1 para. 18(1) (with reg. 7)

C29Pt. IX applied (with modifications) (13.10.2017) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(3)(c), Sch. 6 para. 2 (with reg. 3)

C30Pt. IX applied (with modifications) by S.I. 2014/2879, reg. 5C(12) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))

C31Pt. IX applied by S.I. 2014/2879, reg. 5I(8) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))

C32Pt. IX applied by S.I. 2014/2879, reg. 5L(3) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))

C33Pt. IX applied by S.I. 2014/2879, reg. 5H(6) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))

132 The Financial Services and Markets Tribunal.U.K.

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F2133 Proceedings before Tribunal: general provisionU.K.

(1)This section applies in the case of a reference or appeal to the Tribunal (whether made under this or any other Act) in respect of—

(a)a decision of [F3the FCA or the PRA];

(b)a decision of the Bank of England; or

(c)a decision of a person relating to the assessment of any compensation or consideration under the M1Banking (Special Provisions) Act 2008 or the M2Banking Act 2009.

[F4(1A)For the purposes of this section, in the case of a reference to the Tribunal under section 290(4A) (which relates to an application by a central securities depository under section 288A), the failure by the Bank of England to make a decision is treated as a decision to refuse the application (and accordingly is treated as falling within subsection (1)(b)).]

(2)In this section—

  • relevant decision” means a decision mentioned in subsection (1)(a), (b) or (c); and

  • the decision-maker”, in relation to a relevant decision, means the person who made the relevant decision.

(3)Tribunal Procedure Rules may make provision for the suspension of a relevant decision which has taken effect, pending determination of the reference or appeal.

(4)The Tribunal may consider any evidence relating to the subject-matter of the reference or appeal, whether or not it was available to the decision-maker at the material time.

[F5(5)In the case of a disciplinary reference or a reference under section 393(11), the Tribunal—

(a)must determine what (if any) is the appropriate action for the decision-maker to take in relation to the matter; and

(b)on determining the reference, must remit the matter to the decision-maker with such directions (if any) as the Tribunal considers appropriate for giving effect to its determination.

(6)In any other case, the Tribunal must determine the reference or appeal by either—

(a)dismissing it; or

(b)remitting the matter to the decision-maker with a direction to reconsider and reach a decision in accordance with the findings of the Tribunal.

(6A)The findings mentioned in subsection (6)(b) are limited to findings as to—

(a)issues of fact or law;

(b)the matters to be, or not to be, taken into account in making the decision; and

(c)the procedural or other steps to be taken in connection with the making of the decision.]

(7)The decision-maker must act in accordance with the determination of, and any direction given by, the Tribunal.

[F6(7A)A reference is a “disciplinary reference” for the purposes of this section if it is in respect of any of the following decisions—

(a)a decision to impose a penalty under section 63A;

(b)a decision to take action under section 66;

(c)a decision to take action under section 87M;

(d)a decision to take action under section 88A;

(e)a decision to take action under section 89K;

(f)a decision to take action under section 89Q;

(g)a decision to take action under section 91;

[F7(h)a decision to impose a penalty or publish a statement of censure under section 123, impose a prohibition under section 123A or impose a suspension or restriction under section 123B;]

(i)a decision to take action under section 131G;

(j)a decision to take action under section 192K;

(k)a decision to publish a statement under section 205, impose a penalty under section 206 or suspend a permission or impose a restriction under section 206A;

(l)a decision to take action under section 249 [F8or 261K];

(m)a decision to publish a statement under section 312E [F9or 312FA] or impose a penalty under section 312F [F9or 312FA];

(n)a decision to take action under section 345 or 345A.

[F10(o)a decision to take action under section 83ZR of the Banking Act 2009.]]

(8)An order of the Tribunal may be enforced—

(a)[F11in England and Wales, as if it were an order of the county court or, in Northern Ireland,] as if it were an order of a county court; or

(b)in Scotland, as if it were an order of the Court of Session.]

Textual Amendments

F3Words in s. 133(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(2)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F5S. 133(5)-(6A) substituted for s. 133(5)(6) (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(2)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F11Words in s. 133(8)(a) inserted (22.4.2014) by Crime and Courts Act 2013 (c. 22), s. 61(3), Sch. 9 para. 83; S.I. 2014/954, art. 2(c) (with art. 3) (with transitional provisions and savings in S.I. 2014/956, arts. 3-11)

Modifications etc. (not altering text)

C37S. 133 applied (with modifications) (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 12(4) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 77(7)(b))

C38S. 133 applied (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 55(3)

C39Ss. 133-133B applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 1

C40S. 133 applied (with modifications) (E.W.S.) (29.11.2018 for specified purposes) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 66(3)(4)

Marginal Citations

[F12133A Proceedings before Tribunal: decision and supervisory notices, etc.U.K.

(1)In determining [F13in accordance with section 133(5)] a reference made (whether under this or any other Act) as a result of a decision notice [F14given by a body, the Tribunal may not direct the body to take action which it would] not, as a result of section 388(2), have had power to take when giving the notice.

F15(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)[F17The action specified in a decision notice must not be taken—]

(a)during the period within which the matter to which the notice relates may be referred to the Tribunal (whether under this or any other Act); and

(b)if the matter is so referred, until the reference, and any appeal against the Tribunal's determination, has been finally disposed of.

(5)The Tribunal may, on determining a reference (whether made under this or any other Act) in respect of a decision of [F18the FCA or the PRA], make recommendations as to [F19its] regulating provisions or its procedures.

Textual Amendments

F13Words in s. 133A(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(a)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F14Words in s. 133A(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(a)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F15S. 133A(2) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 23(3)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F16S. 133A(3) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 23(3)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F17Words in s. 133A(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F18Words in s. 133A(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(d)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F19Word in s. 133A(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(d)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C39Ss. 133-133B applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 1

133B OffencesU.K.

(1)This section applies in the case of proceedings before the Tribunal in respect of—

(a)a decision of [F20the FCA or the PRA];

(b)a decision of the Bank of England; or

(c)a decision of a person relating to the assessment of any compensation or consideration under the M3Banking (Special Provisions) Act 2008 or the M4Banking Act 2009.

(2)A person is guilty of an offence if that person, without reasonable excuse—

(a)refuses or fails—

(i)to attend following the issue of a summons by the Tribunal; or

(ii)to give evidence; or

(b)alters, suppresses, conceals or destroys, or refuses to produce a document which he may be required to produce for the purposes of proceedings before the Tribunal.

(3)A person guilty of an offence under subsection (2)(a) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.

(4)A person guilty of an offence under subsection (2)(b) is liable—

(a)on summary conviction, to a fine not exceeding the statutory maximum;

(b)on conviction on indictment, to imprisonment for a term not exceeding two years or a fine or both.]

Textual Amendments

F20Words in s. 133B substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(4), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C39Ss. 133-133B applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 1

Marginal Citations

Legal assistance before the TribunalU.K.

134 Legal assistance scheme.U.K.

(1)The Lord Chancellor may by regulations establish a scheme governing the provision of legal assistance in connection with proceedings before the Tribunal.

(2)If the Lord Chancellor establishes a scheme under subsection (1), it must provide that a person is eligible for assistance only if—

(a)he falls within subsection (3); and

(b)he fulfils such other criteria (if any) as may be prescribed as a result of section 135(1)(d).

(3)A person falls within this subsection if he is an individual who has referred a matter to the Tribunal under section 127(4).

(4)In this Part of this Act “the legal assistance scheme” means any scheme in force under subsection (1).

135 Provisions of the legal assistance scheme.U.K.

(1)The legal assistance scheme may, in particular, make provision as to—

(a)the kinds of legal assistance that may be provided;

(b)the persons by whom legal assistance may be provided;

(c)the manner in which applications for legal assistance are to be made;

(d)the criteria on which eligibility for legal assistance is to be determined;

(e)the persons or bodies by whom applications are to be determined;

(f)appeals against refusals of applications;

(g)the revocation or variation of decisions;

(h)its administration and the enforcement of its provisions.

(2)Legal assistance under the legal assistance scheme may be provided subject to conditions or restrictions, including conditions as to the making of contributions by the person to whom it is provided.

136 Funding of the legal assistance scheme.U.K.

(1)The [F21FCA] must pay to the Lord Chancellor such sums at such times as he may, from time to time, determine in respect of the anticipated or actual cost of legal assistance provided in connection with proceedings before the Tribunal under the legal assistance scheme.

(2)In order to enable it to pay any sum which it is obliged to pay under subsection (1), the [F21FCA] must make rules requiring the payment to it by authorised persons or any class of authorised person of specified amounts or amounts calculated in a specified way.

(3)Sums received by the Lord Chancellor under subsection (1) must be paid into the Consolidated Fund.

(4)The Lord Chancellor must, out of money provided by Parliament fund the cost of legal assistance provided in connection with proceedings before the Tribunal under the legal assistance scheme.

(5)Subsection (6) applies if, as respects a period determined by the Lord Chancellor, the amount paid to him under subsection (1) as respects that period exceeds the amount he has expended in that period under subsection (4).

(6)The Lord Chancellor must—

(a)repay, out of money provided by Parliament, the excess to the [F22FCA]; or

(b)take the excess into account on the next occasion on which he makes a determination under subsection (1).

(7)The [F23FCA] must make provision for any sum repaid to it under subsection (6)(a)—

(a)to be distributed among—

(i)the authorised persons on whom a levy was imposed in the period in question as a result of rules made under subsection (2); or

(ii)such of those persons as it may determine;

(b)to be applied in order to reduce any amounts which those persons, or such of them as it may determine, are or will be liable to pay to the [F23FCA], whether under rules made under subsection (2) or otherwise; or

(c)to be partly so distributed and partly so applied.

(8)If the [F24FCA] considers that it is not practicable to deal with any part of a sum repaid to it under subsection (6)(a) in accordance with provision made by it as a result of subsection (7), it may, with the consent the Lord Chancellor, apply or dispose of that part of that sum in such manner as it considers appropriate.

(9)Specified” means specified in the rules.

Textual Amendments

F21Word in s. 136(1)(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F22Word in s. 136(6)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F23Word in s. 136(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F24Word in s. 136(8) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement Information

I1S. 136 wholly in force at 3.9.2001; s. 136 not in force at Royal Assent see s. 431(2); s. 136 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 136 in force in so far as not already in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2

U.K.

F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F25S. 137 and preceding cross-heading omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), 5(1), Sch. 2 para. 46

137Appeal on a point of law.U.K.

F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F26S. 137 and preceding cross-heading omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), 5(1), Sch. 2 para. 46

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