C1C2C3C4C5C6C7C8C9C10C11C12C16C17C18C20C19C22C23C24C25C29C26C27C28C30C32C39C33C34C36C37C35C38C40C41C42C46C43C45C44Part IX Hearings and Appeals

Annotations:
Modifications etc. (not altering text)
C1

Pt. 9 applied (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 46A(7) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(1) Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 9 applied (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 58A(7) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 75 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 9 applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 85(4C)(4D) (as inserted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 95 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 9 applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 93(6B)(6C) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 177(d) (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

C9

Pt. 9 applied (with modifications) (31.12.2009) by Banking Act 2009 (c. 1), ss. 202(3), 263(1) (with ss. 206, 247); S.I. 2009/3000, art. 4, Sch. para. 2 (with art. 2)

C10

Pt. 9 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. paras. 7, 8

C20

Pt. 9 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(4)

C23

Pt. 9 applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 30

C29

Pt. 9 applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 24(1) (with Pt. 4)

C39

Pt. 9 applied (with modifications) (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 1 para. 18(1) (with reg. 7)

C33

Pt. 9 applied (with modifications) (13.10.2017) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(3)(c), Sch. 6 para. 2 (with reg. 3)

C34

Pt. 9 applied (with modifications) by S.I. 2014/2879, reg. 5C(12) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))

C36

Pt. 9 applied by S.I. 2014/2879, reg. 5I(8) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))

C37

Pt. 9 applied by S.I. 2014/2879, reg. 5L(3) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))

C35

Pt. 9 applied by S.I. 2014/2879, reg. 5H(6) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))

C40

Pt. 9 applied (with modifications) (3.1.2018) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(b), 32

C42

Pt. 9 applied (with modifications) (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 2 (with Sch. 1 paras. 13, 14)

C46

Pt. 9 applied by S.I. 2018/1201, Sch. 3 para. 12J(5) (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 10(2))

C45

Pt. 9 applied (with modifications) by S.I. 2018/1201, reg. 13H (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 11)

132 The Financial Services and Markets Tribunal.

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C15C21C20C31C47C48F2133 Proceedings before Tribunal: general provision

1

This section applies in the case of a reference or appeal to the Tribunal (whether made under this or any other Act) in respect of—

a

a decision of F8the FCA or the PRA;

b

a decision of the Bank of England; or

c

a decision of a person relating to the assessment of any compensation or consideration under the M1Banking (Special Provisions) Act 2008 or the M2Banking Act 2009.

F251A

For the purposes of this section, in the case of a reference to the Tribunal under section 290(4A) (which relates to an application by a central securities depository under section 288A), the failure by the Bank of England to make a decision is treated as a decision to refuse the application (and accordingly is treated as falling within subsection (1)(b)).

2

In this section—

  • “relevant decision” means a decision mentioned in subsection (1)(a), (b) or (c); and

  • “the decision-maker”, in relation to a relevant decision, means the person who made the relevant decision.

3

Tribunal Procedure Rules may make provision for the suspension of a relevant decision which has taken effect, pending determination of the reference or appeal.

4

The Tribunal may consider any evidence relating to the subject-matter of the reference or appeal, whether or not it was available to the decision-maker at the material time.

F65

In the case of a disciplinary reference or a reference under section 393(11), the Tribunal—

a

must determine what (if any) is the appropriate action for the decision-maker to take in relation to the matter; and

b

on determining the reference, must remit the matter to the decision-maker with such directions (if any) as the Tribunal considers appropriate for giving effect to its determination.

6

In any other case, the Tribunal must determine the reference or appeal by either—

a

dismissing it; or

b

remitting the matter to the decision-maker with a direction to reconsider and reach a decision in accordance with the findings of the Tribunal.

6A

The findings mentioned in subsection (6)(b) are limited to findings as to—

a

issues of fact or law;

b

the matters to be, or not to be, taken into account in making the decision; and

c

the procedural or other steps to be taken in connection with the making of the decision.

7

The decision-maker must act in accordance with the determination of, and any direction given by, the Tribunal.

F77A

A reference is a “disciplinary reference” for the purposes of this section if it is in respect of any of the following decisions—

a

a decision to impose a penalty under section 63A;

b

a decision to take action under section 66;

c

a decision to take action under section 87M;

d

a decision to take action under section 88A;

e

a decision to take action under section 89K;

f

a decision to take action under section 89Q;

g

a decision to take action under section 91;

F24h

a decision to impose a penalty or publish a statement of censure under section 123, impose a prohibition under section 123A or impose a suspension or restriction under section 123B;

i

a decision to take action under section 131G;

F27ia

a decision to take action under section 142S;

j

a decision to take action under section 192K;

k

a decision to publish a statement under section 205, impose a penalty under section 206 or suspend a permission or impose a restriction under section 206A;

l

a decision to take action under section 249 F21or 261K;

m

a decision to publish a statement under section 312E F26or 312FA or impose a penalty under section 312F F26or 312FA;

n

a decision to take action under section 345 or 345A.

F23o

a decision to take action under section 83ZR of the Banking Act 2009.

8

An order of the Tribunal may be enforced—

a

F22in England and Wales, as if it were an order of the county court or, in Northern Ireland, as if it were an order of a county court; or

b

in Scotland, as if it were an order of the Court of Session.

C14C31C49133AF5 Proceedings before Tribunal: decision and supervisory notices, etc.

C131

In determining F9in accordance with section 133(5) a reference made (whether under this or any other Act) as a result of a decision notice F10given by a body, the Tribunal may not direct the body to take action which it would not, as a result of section 388(2), have had power to take when giving the notice.

F112

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F123

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

F13The action specified in a decision notice must not be taken—

a

during the period within which the matter to which the notice relates may be referred to the Tribunal (whether under this or any other Act); and

b

if the matter is so referred, until the reference, and any appeal against the Tribunal's determination, has been finally disposed of.

5

The Tribunal may, on determining a reference (whether made under this or any other Act) in respect of a decision of F14the FCA or the PRA, make recommendations as to F15its regulating provisions or its procedures.

C31C50133B Offences

1

This section applies in the case of proceedings before the Tribunal in respect of—

a

a decision of F16the FCA or the PRA;

b

a decision of the Bank of England; or

c

a decision of a person relating to the assessment of any compensation or consideration under the M3Banking (Special Provisions) Act 2008 or the M4Banking Act 2009.

2

A person is guilty of an offence if that person, without reasonable excuse—

a

refuses or fails—

i

to attend following the issue of a summons by the Tribunal; or

ii

to give evidence; or

b

alters, suppresses, conceals or destroys, or refuses to produce a document which he may be required to produce for the purposes of proceedings before the Tribunal.

3

A person guilty of an offence under subsection (2)(a) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.

4

A person guilty of an offence under subsection (2)(b) is liable—

a

on summary conviction, to a fine not exceeding the statutory maximum;

b

on conviction on indictment, to imprisonment for a term not exceeding two years or a fine or both.

Annotations:
Amendments (Textual)
F4

S. 137 and preceding cross-heading omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), 5(1), Sch. 2 para. 46

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

137Appeal on a point of law.

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .