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Bank of England and Financial Services Act 2016
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Bank of England and Financial Services Act 2016, Section 19 is up to date with all changes known to be in force on or before 21 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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Changes and effects yet to be applied to Section 19:
- specified provision(s) amendment to earlier commencing S.I. 2019/1136 by S.I. 2020/929 reg. 2
19Treasury recommendations to Financial Conduct AuthorityU.K.
This section has no associated Explanatory Notes
In Chapter 1 of Part 1A of the Financial Services and Markets Act 2000 (the Financial Conduct Authority), after section 1J insert—
“RecommendationsU.K.
1JARecommendations by Treasury in connection with general duties
(1)The Treasury may at any time by notice in writing to the FCA make recommendations to the FCA about aspects of the economic policy of Her Majesty's Government to which the FCA should have regard when considering—
(a)how to act in a way which is compatible with its strategic objective,
(b)how to advance one or more of its operational objectives,
(c)how to discharge the duty in section 1B(4) (duty to promote effective competition in the interests of consumers),
(d)the application of the regulatory principles in section 3B, and
(e)the matter mentioned in section 1B(5)(b) (importance of taking action to minimise the extent to which it is possible for a business to be used for a purpose connected with financial crime).
(2)The Treasury must make recommendations under subsection (1) at least once in each Parliament.
(3)The Treasury must—
(a)publish in such manner as they think fit any notice given under subsection (1), and
(b)lay a copy of it before Parliament.”
Commencement Information
I1S. 19 in force at 6.7.2016 by S.I. 2016/627, reg. 2(1)(n)
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