Financial Guidance and Claims Act 2018

Financial Services and Markets Act 2000 (c. 8)

21 (1) Schedule 1ZA (the Financial Conduct Authority) is amended as follows.

(2) In paragraph 8 (arrangements for discharging functions)—

(a) in sub-paragraph (3)—

(i) in paragraph (c)(i), for “, 312J or 333K” substitute “or 312J”;

(ii) omit paragraph (e);

(b) after sub-paragraph (3), insert—

“(3A) In exercising its functions under sections 9(2) and 10 of the Financial Guidance and Claims Act 2018 (approving and reviewing standards set by single financial guidance body), the FCA must act through its governing body.”;

(c) in sub-paragraph (4), omit “or 333P(9)”.

(3) In paragraph 11 (annual report), in sub-paragraph (1)—

(a) omit paragraph (hb);

(b) omit the “and” at the end of paragraph (i), and after that paragraph insert—

“(ia) how, in its opinion, it has complied with its duties under sections 9(2) and 10 of the Financial Guidance and Claims Act 2018, and”.

(4) In paragraph 21 (financial penalty scheme), in sub-paragraph (2)—

(a) at the end of paragraph (c) insert “and”;

(b) omit paragraph (e) (and the word “and” immediately preceding it).

(5) In paragraph 23 (fees)—

(a) in sub-paragraph (1)—

(i) after “sections” insert “137SA,”;

(ii) after “137SA” insert “, 137SB”;

(iii) omit “, 333Q, 333R”;

(b) in sub-paragraph (2ZA)—

(i) omit paragraph (a) (and the word “and” immediately following it);

(ii) in paragraph (b), for “sections 333R and 333T” substitute “section 333T”;

(iii) after paragraph (b), insert “, and

(c) its functions under section 137SA.”;

(iv) in paragraph (c) (inserted by sub-paragraph (iii)), for “section 137SA” substitute “sections 137SA and 137SB”.