318 Exercise of powers through Council.U.K.
(1)[F1A regulator] may give a direction under this subsection to the Council or to the Society (acting through the Council) or to both.
(2)A direction under subsection (1) is one given to the body concerned—
(a)in relation to the exercise of its powers generally with a view to achieving, or in support of, a specified objective; or
(b)in relation to the exercise of a specified power which it has, whether in a specified manner or with a view to achieving, or in support of, a specified objective.
(3)“Specified” means specified in the direction.
[F2(3A)A direction under subsection (1)—
(a)may be given by the FCA only if it considers that giving the direction is necessary or expedient for the purpose of advancing one or more of its operational objectives, and
(b)may be given by the PRA only if it considers that giving the direction is necessary or expedient for the purpose of advancing its general objective or (if section 2C applies) the insurance objective.]
(4)A direction under subsection (1) may be given—
(a)instead of giving a direction under section 316(1); or
(b)if [F3the regulator concerned] considers it necessary or expedient to do so, at the same time as, or following, the giving of such a direction.
(5)A direction may also be given under subsection (1) in respect of underwriting agents as if they were among the persons mentioned in section 316(1).
(6)A direction under this section—
(a)does not, at any time, prevent the exercise by [F4a regulator] of any of its powers;
(b)must be in writing.
(7)A direction under subsection (1) [F5given by a regulator] must be published in the way appearing to [F6the regulator] to be best calculated to bring it to the attention of the public.
(8)[F7A regulator who gives a direction under subsection (1)] may charge a reasonable fee for providing a person with a copy of the direction.
(9)[F8A regulator who gives a direction under subsection (1)] must, without delay, give the Treasury a copy of [F9the direction].
Textual Amendments
F1Words in s. 318(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2S. 318(3A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 318(4)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 318(6)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Words in s. 318(7) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(e)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6Words in s. 318(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(e)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Words in s. 318(8) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(f), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8Words in s. 318(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(g)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9Words in s. 318(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(7)(g)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 318 wholly in force at 1.12.2001; s. 318 not in force at Royal Assent see s. 431(2); s. 318(1) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 318 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)