Financial Services Act 2012

Status:

Point in time view as at 25/07/2014. This version of this provision has been superseded.

Status

You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.

Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.

Changes to legislation:

Financial Services Act 2012, Section 85 is up to date with all changes known to be in force on or before 23 November 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.

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

85Relevant functions in relation to complaints schemeU.K.

This adran has no associated Nodiadau Esboniadol

(1)This section has effect for the interpretation of the reference in section 84(1)(a) to the relevant functions of the regulators.

[F1(2)The relevant functions of the FCA or the PRA are—

(a)its functions conferred by or under FSMA 2000, other than its legislative functions, and

(b)such other functions as the Treasury may by order provide.]

[F2(3)The relevant functions of the Bank of England are—

(a)its functions under Part 18 of FSMA 2000 (recognised clearing houses) or under Part 5 of the Banking Act 2009 (inter-bank payment systems), other than its legislative functions, and

(b)such other functions as the Treasury may by order provide.]

(4)For the purposes of [F3subsection (2)(a) ], the following are the FCA's legislative functions—

(a)making rules under FSMA 2000;

(b)issuing codes under section 64 or 119 of FSMA 2000;

(c)issuing statements under—

(i)section [F463ZD,] 63C, 64, 69, 88C, 89S, 93, 124, 131J, 138N, 192H, 192N, 210 or 312J of FSMA 2000,

(ii)section 345D of FSMA 2000 (whether as a result of section 345(2) or 345A(3) or section 249(1) [F5or 261K(1)] of that Act), or

(iii)section 80 of the Financial Services Act 2012;

(d)giving directions under section 316, 318 or 328 of FSMA 2000;

(e)issuing general guidance, as defined in section 139B(5) of FSMA 2000.

(5)For the purposes of [F6subsection (2)(a)], the following are the PRA's legislative functions—

(a)making rules under FSMA 2000;

(b)issuing codes under section 64 of FSMA 2000;

(c)issuing statements under—

(i)section [F763ZD,] 63C, 64, 69, 192H, 192N, 210 or 345D of FSMA 2000, or

(ii)section 80 of the Financial Services Act 2012;

(d)giving directions under section 316 or 318 of FSMA 2000;

(e)issuing guidance under section 2I of FSMA 2000.

(6)For the purposes of [F8subsection (3)(a) ], the following functions of the Bank of England under Part 18 of FSMA 2000 are legislative functions—

(a)making rules;

(b)issuing statements—

(i)under section 312J, or

(ii)by virtue of the application by Schedule 17A of a provision mentioned in subsection (5)(c)(i) of this section.

(7)For the purposes of [F9subsection (3)(a) ], the following functions of the Bank of England under Part 5 of the Banking Act 2009 are legislative functions—

(a)publishing principles or codes of practice under sections 188 and 189;

(b)preparing statements under section 198(3).

[F10(8)For the purposes of subsection (2), sections 1A(6) and 2A(6) of FSMA 2000 do not apply.]

Textual Amendments

F1S. 85(2) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(2); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F2S. 85(3) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(3); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F3Words in s. 85(4) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(4); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F4Word in s. 85(4)(c)(i) inserted (25.7.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 19(2)(b)(i); S.I. 2014/1819, art. 2(4)(b)

F5Words in s. 85(4)(c)(ii) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 6 (with reg. 24)

F6Words in s. 85(5) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(4); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F7Word in s. 85(5)(c)(i) inserted (25.7.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 19(3)(b)(i); S.I. 2014/1819, art. 2(4)(b)

F8Words in s. 85(6) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(5); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2