Financial Services and Markets Act 2000

[F1 333M Failure by designated guidance providers to comply with standards: F2 ... directions U.K.

(1) If the [F3 Secretary of State] [F4 considers] that a designated guidance provider has failed to comply with a standard set under section 333H the [F3 Secretary of State] may direct the provider to take such steps as the [F3 Secretary of State] [F4 considers] appropriate—

(a) to prevent the continuance or recurrence of the failure;

(b) to make redress to those affected by the failure.

(2) The [F3 Secretary of State] may give a direction under subsection (1) only if the FCA has made a recommendation under section 333J(1)(b) (although the terms of the direction need not be the same as that recommended by the FCA).

(3) The [F3 Secretary of State] must—

(a) give notice in writing of a direction under subsection (1), and

(b) send a copy of the notice to the FCA.

(4) The notice must inform the designated guidance provider that representations about why the direction should not be published may be made to the [F3 Secretary of State] within a specified time.

(5) Once the time specified under subsection (4) has elapsed, the [F3 Secretary of State] must publish the direction unless—

(a) the [F3 Secretary of State] [F5 considers] that to do so would be against the public interest;

(b) having considered representations made by the designated guidance provider within the specified time, the [F3 Secretary of State] [F5 considers] that it would be inappropriate to do so for some other reason.

(6) If the condition in subsection (5)(a) or (b) is satisfied in relation to a direction but would not be satisfied if the [F3 Secretary of State] published part only of the direction, the [F3 Secretary of State] may publish that part.

(7) A direction under subsection (1) is enforceable, on an application made by the [F3 Secretary of State], by injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.]

Textual Amendments

F1 Pt. 20A inserted (3.3.2015) by Pension Schemes Act 2015 (c. 8), s. 89(1)(a), Sch. 3 para. 2 (with s. 87, Sch. 3 para. 18(1))

F2 Word in s. 333M heading omitted (1.4.2016) by virtue of The Transfer of Functions (Pensions Guidance) Order 2015 (S.I. 2015/2013), art. 1(2), Sch. para. 1(11)(c) (with art. 4)

F3 Words in ss. 333M(1)-(7) substituted (1.4.2016) by The Transfer of Functions (Pensions Guidance) Order 2015 (S.I. 2015/2013), art. 1(2), Sch. para. 1(11)(a) (with art. 4)

F4 Word in s. 333M(1) substituted (1.4.2016) by The Transfer of Functions (Pensions Guidance) Order 2015 (S.I. 2015/2013), art. 1(2), Sch. para. 1(11)(b) (with art. 4)

F5 Word in s. 333M(5) substituted (1.4.2016) by The Transfer of Functions (Pensions Guidance) Order 2015 (S.I. 2015/2013), art. 1(2), Sch. para. 1(11)(b) (with art. 4)