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Financial Services Act 1986 (Repealed), Section 98 is up to date with all changes known to be in force on or before 17 August 2024.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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(1)Where a case is referred to the Tribunal at the request of a person within section 97(1)(a) above the Tribunal shall—
(a)investigate the case; and
(b)make a report to the Secretary of State stating what would in its opinion be the appropriate decision in the matter and the reasons for that opinion;
and it shall be the duty of the Secretary of State to decide the matter forthwith in accordance with the Tribunal’s report.
(2)Where the matter referred to the Tribunal is the refusal of an application the Tribunal may under this section report that the appropriate decision would be to grant or refuse the application or—
(a)in the case of an application for the variation of a suspension, direction, consent, prohibition or requirement, to vary it in a specified manner;
(b)in the case of an application for the rescission of a prohibition or requirement, to vary the prohibition or requirement in a specified manner.
(3)Where the matter referred to the Tribunal is any action of the Secretary of State other than the refusal of an application the Tribunal may report that the appropriate decision would be—
(a)to take or not to take the action taken or proposed to be taken by the Secretary of State or to take any other action that he could take under the provision in question; or
(b)to take instead or in addition any action that he could take in the case of the person concerned under any one or more of the provisions mentioned in subsection (4) below other than that under which he was acting or proposing to act.
(4)Those provisions are sections 28, 33 and 60 above and Chapter VI of this Part of this Act; and sections 29, 34, 60(2) and (3) and 70(2) and (4) above shall not apply to any action taken by the Secretary of State in accordance with the Tribunal’s report.
(5)The Tribunal shall send a copy of its report under this section to the person at whose request the case was referred to it; and the Secretary of State shall serve him with a written notice of the decision made by him in accordance with the report.
Modifications etc. (not altering text)
C1S. 98: certain functions of the Secretary of State made exercisable jointly by the Secretary of State and the Treasury (7.6.1992) by S.I. 1992/1315, art. 4, Sch. 2 para. 4(c).
C2S. 98(2)(a) amended (1.1.1993) by S.I. 1992/3218, reg. 15(5), Sch. 4 para. 3(1)(a).
C3S. 98(2)(b) amended (1.1.1993) by S.I. 1992/3218, reg. 15(5), Sch. 4 para. 3(1)(b).
C4S. 98(3)(b) amended (1.1.1993) by S.I. 1992/3218, reg. 15(5), Sch. 4 para. 3(2).
s. 98 modified (1.1.1996) by S.I. 1995/3275, reg. 9(5), SCh. 4 para. 3(1)(3)
s. 98(3)(b) extended (1.1.1996) by S.I. 1995/3275, reg. 9(5), Sch. 4, para. 3(2)
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