Financial Services Act 2012

Changes over time for: Section 85

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Financial Services Act 2012, Section 85 is up to date with all changes known to be in force on or before 22 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.

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85Relevant functions in relation to complaints schemeU.K.

This section has no associated Explanatory Notes

(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 [F2and its standards review functions], and

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

[F3(3)The relevant functions of the Bank of England are—

(a)its functions under Part 18 of FSMA 2000 (recognised clearing houses [F4and CSDs] ) or under Part 5 of the Banking Act 2009 (F5... payment systems) [F6or Part 5A of that Act (wholesale cash distribution)], other than its legislative functions, and

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

(4)For the purposes of [F7subsection (2)(a)], the following are the FCA's legislative functions—

(a)making rules under FSMA 2000;

(b)issuing codes under section F8... 119 of FSMA 2000;

(c)issuing statements under—

(i)section [F963ZD,] 63C, F10... 69, 88C, 89S, 93, 124, 131J, 138N, 192H, 192N, 210 [F11or 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) [F12or 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) F13... of FSMA 2000.

F14(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F15(g)making technical standards in accordance with Chapter 2A of Part 9A of FSMA 2000;

(h)making EU Exit instruments under the Financial Regulators’ Powers (Technical Standards) (Amendment etc.) (EU Exit) Regulations 2018.]

[F16(4A)For the purposes of subsection (2)(a), the FCA's standards review functions are the FCA's functions under sections 9(2) and 10 of the Financial Guidance and Claims Act 2018 (approving and reviewing standards set by [F17Money and Pensions Service]).]

(5)For the purposes of [F18subsection (2)(a)], the following are the PRA's legislative functions—

(a)making rules under FSMA 2000;

F19(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)issuing statements under—

(i)section [F2063ZD,] 63C, F21... 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.

[F22(f)making technical standards in accordance with Chapter 2A of Part 9A of FSMA 2000;

(g)making EU Exit instruments under the Financial Regulators’ Powers (Technical Standards) (Amendment etc.) (EU Exit) Regulations 2018.]

(6)For the purposes of [F23subsection (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 [F24subsection (3)(a)], the following functions of the Bank of England under [F25Parts 5 and 5A] of the Banking Act 2009 are legislative functions—

(a)publishing principles or codes of practice under sections 188 [F26,189, 206K and 206L];

(b)preparing statements under section 198(3) [F27and 206T(3)].

[F28(8)For the purposes of subsection (2), sections 1A(6) and [F292AB(3)] 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

F2Words in s. 85(2)(a) inserted (1.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 30(a); S.I. 2018/1029, reg. 2(q)

F3S. 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

F4Words in s. 85(3)(a) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 17(4) (with regs. 7(4), 9(1))

F5Word in s. 85(3)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 33

F6Words in s. 85(3)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 14(2)

F7Words 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

F8Words in s. 85(4)(b) omitted (7.3.2016) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 19(2)(a); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))