Textual Amendments
F1Pt. 16A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 43, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
(1)The FCA may ask the Office of Fair Trading (“the OFT”) to consider whether a feature, or combination of features, of a market in the United Kingdom for financial services may prevent, restrict or distort competition in connection with the supply or acquisition of any financial services in the United Kingdom or a part of the United Kingdom.
(2)The OFT must, within 90 days after the day on which it receives the request, publish a response stating how it proposes to deal with the request and in particular—
(a)whether it has decided to take any action, or to take no action, in response to the request, and
(b)if it has decided to take action, what action it proposes to take.
(3)The response must state the OFT's reasons for its proposals.
(4)The Treasury may by order amend subsection (2) by substituting any period for the period for the time being specified there.
(5)In this section—
(a)“market in the United Kingdom” has the meaning given in section 140A(1);
(b)the reference to a feature of a market in the United Kingdom for financial services has a meaning corresponding to that which a reference to a feature of a market in the United Kingdom for goods and services has (by virtue of section 140A(3)) for the purposes of Chapter 4 of Part 9A.]