- Latest available (Revised)
- Point in Time (28/01/2021)
- Original (As enacted)
Version Superseded: 30/07/2022
Point in time view as at 28/01/2021.
Financial Services and Markets Act 2000, Cross Heading: The scheme is up to date with all changes known to be in force on or before 05 September 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)This Part provides for a scheme under which certain disputes may be resolved quickly and with minimum formality by an independent person.
(2)The scheme is to be administered by a body corporate (“the scheme operator”).
(3)The scheme is to be operated under a name chosen by the scheme operator but is referred to in this Act as “the ombudsman scheme”.
(4)Schedule 17 makes provision in connection with the ombudsman scheme and the scheme operator.
(1)A complaint which relates to an act or omission of a person (“the respondent”) in carrying on an activity to which compulsory jurisdiction rules apply is to be dealt with under the ombudsman scheme if the conditions mentioned in subsection (2) are satisfied.
(2)The conditions are that—
(a)the complainant is eligible and wishes to have the complaint dealt with under the scheme;
(b)the respondent was an authorised person [F1or an electronic money issuer within the meaning of the Electronic Money Regulations 2011] [F2, or a payment service provider within the meaning of the Payment Services Regulations [F32017],] at the time of the act or omission to which the complaint relates; and
(c)the act or omission to which the complaint relates occurred at a time when compulsory jurisdiction rules were in force in relation to the activity in question.
(3)“Compulsory jurisdiction rules” means rules—
(a)made by the [F4FCA] for the purposes of this section; and
(b)specifying the activities to which they apply.
(4)Only activities which are regulated activities, or which could be made regulated activities by an order under section 22, may be specified.
(5)Activities may be specified by reference to specified categories (however described).
[F5(5A)If the FCA specifies activities which are account information services provided by authorised payment institutions or EEA authorised payment institutions, the FCA must specify to the same extent account information services provided by registered account information service providers or, as the case may be, EEA registered account information service providers.
(5B)Expressions used in subsection (5A) and in the Payments Services Regulations 2017 have the same meaning in that subsection as they do in those Regulations.]
(6)A complainant is eligible, in relation to the compulsory jurisdiction of the ombudsman scheme, if he falls within a class of person specified in the rules as eligible.
(7)The rules—
(a)may include provision for persons other than individuals to be eligible; but
(b)may not provide for authorised persons to be eligible except in specified circumstances or in relation to complaints of a specified kind.
[F6(7A)The rules must provide that a person within subsection (7B) is eligible in relation to a complaint to which subsection (7C) applies.
(7B)A person is within this subsection if he or she has been identified by a respondent, in carrying on an activity to which the rules apply, as—
(a)a politically exposed person;
(b)a family member of a politically exposed person; or
(c)a known close associate of a politically exposed person.
(7C)This subsection applies to a complaint—
(a)that the complainant has been incorrectly identified as a person within subsection (7B); or
(b)relating to an act or omission of the respondent in consequence of the identification of the complainant as a person within subsection (7B).
(7D)In subsection (7B), “politically exposed person”, “family member” and “known close associate” have the meanings given in regulation 35(12) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.]
(8)The jurisdiction of the scheme which results from this section is referred to in this Act as the “compulsory jurisdiction”.
Textual Amendments
F1Words in s. 226(2)(b) inserted (9.2.2011for certain purposes and 30.4.2011otherwise) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(a)(xv)(b), 79, Sch. 4 para. 2(3)(a) (with reg. 3)
F2Words in s. 226(2)(b) inserted (2.3.2009 for certain purposes, 1.5.2009 for certain further purposes and 1.11.2009 otherwise) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2), 126, Sch. 6 para. 1(1)(a) (with reg. 3)
F3Word in s. 226(2)(b) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 2(4)(a) (with reg. 3)
F4Word in s. 226(3)(a) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 11 para. 1 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F5S. 226(5A)(5B) inserted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 2(4)(b) (with reg. 3)
F6S. 226(7A)-(7D) inserted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 3(2) (with regs. 8, 15)
Modifications etc. (not altering text)
C1S. 226 extended (19.7.2001 for specified purposes otherwise 1.12.2001) by S.I. 2001/2326, arts. 1(1), 3(1); S.I. 2001/3538, art. 2(1)
C2S. 226(2) excluded (19.7.2001 for specified purposes otherwise 1.12.2001) by S.I. 2001/2326, arts. 1(1), 2(4); S.I. 2001/3538, art. 2(1)
C3S. 226(2)(b)(c) excluded (28.1.2021 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 7(5)
Commencement Information
I1S. 226 wholly in force at 1.12.2001; s. 226 not in force at Royal Assent see s. 431(2); s. 226 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 226 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F7S. 226A omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 10(5) (with art. 11(5)(6)(7))
(1)A complaint which relates to an act or omission of a person (“the respondent”) in carrying on an activity to which voluntary jurisdiction rules apply is to be dealt with under the ombudsman scheme if the conditions mentioned in subsection (2) are satisfied.
(2)The conditions are that—
(a)the complainant is eligible and wishes to have the complaint dealt with under the scheme;
(b)at the time of the act or omission to which the complaint relates, the respondent was participating in the scheme;
(c)at the time when the complaint is referred under the scheme, the respondent has not withdrawn from the scheme in accordance with its provisions;
(d)the act or omission to which the complaint relates occurred at a time when voluntary jurisdiction rules were in force in relation to the activity in question; and
(e)the complaint cannot be dealt with under the compulsory jurisdiction F8....
(3)“Voluntary jurisdiction rules” means rules—
(a)made by the scheme operator for the purposes of this section; and
(b)specifying the activities to which they apply.
(4)The only activities which may be specified in the rules are activities which are, or could be, specified in compulsory jurisdiction rules.
(5)Activities may be specified by reference to specified categories (however described).
(6)The rules require the [F9FCA's] approval.
(7)A complainant is eligible, in relation to the voluntary jurisdiction of the ombudsman scheme, if he falls within a class of person specified in the rules as eligible.
(8)The rules may include provision for persons other than individuals to be eligible.
(9)A person qualifies for participation in the ombudsman scheme if he falls within a class of person specified in the rules in relation to the activity in question.
(10)Provision may be made in the rules for persons other than authorised persons to participate in the ombudsman scheme.
(11)The rules may make different provision in relation to complaints arising from different activities.
(12)The jurisdiction of the scheme which results from this section is referred to in this Act as the “voluntary jurisdiction”.
(13)In such circumstances as may be specified in voluntary jurisdiction rules, a complaint—
(a)which relates to an act or omission occurring at a time before the rules came into force, and
(b)which could have been dealt with under a scheme which has to any extent been replaced by the voluntary jurisdiction,
is to be dealt with under the ombudsman scheme even though paragraph (b) or (d) of subsection (2) would otherwise prevent that.
(14)In such circumstances as may be specified in voluntary jurisdiction rules, a complaint is to be dealt with under the ombudsman scheme even though—
(a)paragraph (b) or (d) of subsection (2) would otherwise prevent that, and
(b)the complaint is not brought within the scheme as a result of subsection (13),
but only if the respondent has agreed that complaints of that kind were to be dealt with under the scheme.
Textual Amendments
F8Words in s. 227(2)(e) omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 10(6)
F9Word in s. 227(6) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 11 para. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C4S. 227(2) modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644), art. 25
Commencement Information
I2S. 227 wholly in force at 1.12.2001; s. 227 not in force at Royal Assent see s. 431(2); s. 227 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 227 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: