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Financial Services and Markets Act 2000
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- UK Public General Acts
- 2000 c. 8
- Part XXIV
- Voluntary arrangements
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Changes to legislation:
Financial Services and Markets Act 2000, Cross Heading: Voluntary arrangements is up to date with all changes known to be in force on or before 17 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 the whole Act associated Parts and Chapters:
- Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 79(4)
- Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 81(10)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Pt. 20C inserted by 2016 c. 14 s. 30(3)
- s. 31(1)(aa) inserted by 2021 c. 22 s. 22(2)
- s. 32A inserted by 2021 c. 22 s. 22(3)
- s. 32A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- s. 36A and cross-heading inserted by 2021 c. 22 s. 22(4)
- s. 71J and cross-heading inserted by 2021 c. 22 Sch. 8 para. 4
- s. 86(9A) inserted by S.I. 2019/707 reg. 8(9) (This amendment not applied to legislation.gov.uk. Reg. 8(6)-(10) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 13(c))
- s. 87A(11) inserted by S.I. 2019/707 reg. 10(5) (This amendment not applied to legislation.gov.uk. Reg. 10(4)(5) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 15(b))
- s. 124(10)(c)(i) word omitted by S.I. 2019/310 reg. 5(11)(b) (This amendment not applied to legislation.gov.uk. Reg. 5(11)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(e))
- s. 129(7)(a) word inserted by S.I. 2019/310 reg. 5(12)(a)(i) (This amendment not applied to legislation.gov.uk. Reg. 5(12)(a)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(f))
- s. 129(7)(c) omitted and word by S.I. 2019/310 reg. 5(12)(a)(ii) (This amendment not applied to legislation.gov.uk. Reg. 5(12)(a)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(f))
- s. 214(5A) inserted by 2021 c. 22 Sch. 8 para. 8
- s. 234I(9) inserted by 2024 c. 13 Sch. 29 para. 3(2)
- s. 234J(6) inserted by 2024 c. 13 Sch. 29 para. 3(3)
- s. 367A inserted by 2021 c. 22 Sch. 8 para. 10
- s. 395(13)(h)(i) inserted by 2021 c. 22 Sch. 8 para. 12(2)(c)
- s. 395(13)(bc)-(be) word inserted by 2021 c. 22 Sch. 8 para. 12(2)(b)
- s. 395(14) inserted by 2021 c. 22 Sch. 8 para. 12(3)
- s. 398(8) applied by S.I. 2024/102 reg. 34(7)reg. 34(8)(f)
- s. 427A(3) words substituted by 2002 c. 40 Sch. 17 para. 59 (This amendment not applied to legislation.gov.uk. The Financial Services and Markets Act 2000 does not contain a section 427A.)
- Sch. 1ZA para. 32(c) and word inserted by 2021 c. 22 Sch. 8 para. 18
- Sch. 2A para. 19(2)(b)(iia) inserted by 2023 c. 29 Sch. 10 para. 19(a)
- Sch. 2A 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- Sch. 2A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- Sch. 2B inserted by 2021 c. 22 Sch. 7
- Sch. 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- Sch. 6 para. 4A(8) inserted by S.I. 2024/1083 reg. 10(b)
- Sch. 11A para. 5(3) inserted by S.I. 2019/707 reg. 38(5)(b) (This amendment not applied to legislation.gov.uk. Reg. 38(2)-(5)(7)(8) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 20)
- Sch. 17A para. 12 words substituted by S.I. 2019/662 reg. 13(1) (This amendment not applied to legislation.gov.uk. Reg. 13(1) substituted (25.6.2020) by S.I. 2020/646, regs. 1(2)(c), 11(3))
Voluntary arrangementsU.K.
356 [F1Powers of FCA and PRA] to participate in proceedings: company voluntary arrangements.U.K.
[F2(1)Where a voluntary arrangement has effect under Part I of the 1986 Act in respect of a company or insolvent partnership which is an authorised person, [F3or recognised investment exchange, the appropriate regulator] may apply to the court under section 6 or 7 of that Act.]
[F4(2)Where a voluntary arrangement has been approved under Part II of the 1989 Order in respect of a company or insolvent partnership which is an authorised person, [F5or recognised investment exchange, the appropriate regulator] may apply to the court under Article 19 or 20 of that Order.]
(3)If a person other than [F6a regulator] makes an application to the court in relation to the company or insolvent partnership under [F7any] of those provisions, [F8the appropriate regulator] is entitled to be heard at any hearing relating to the application.
[F9(4)"The appropriate regulator” means—
(a)in the case of a PRA-authorised person—
(i)for the purposes of subsections (1) and (2), the FCA or the PRA, and
(ii)for the purposes of subsection (3), each of the FCA and the PRA;
(b)in any other case, the FCA.
(5)If either regulator makes an application to the court under any of those provisions in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.]
Textual Amendments
F1Words in s. 356 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2S. 356(1) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(a); S.I. 2002/2711, art. 2
F3Words in s. 356(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4S. 356(2) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(b); S.I. 2002/2711, art. 2
F5Words in s. 356(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6Words in s. 356(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Word in s. 356(3) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(c); S.I. 2002/2711, art. 2
F8Words in s. 356(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9S. 356(4)(5) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C1S. 356 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C2S. 356 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
C3S. 356 applied (with modifications) (E.W.S.) (6.4.2014) by The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229), arts. 1, 6 (with art. 10)
357 [F10Powers of FCA and PRA] to participate in proceedings: individual voluntary arrangements.U.K.
(1)The [F11appropriate regulator] is entitled to be heard on an application by an individual who is an authorised person under section 253 of the 1986 Act (or Article 227 of the 1989 Order).
(2)Subsections [F12(2A)] to (6) apply if such an order is made on the application of such a person.
[F13(2A)Where under section 257 of the 1986 Act the individual’s creditors are asked to decide whether to approve the proposed voluntary arrangement—
(a)notice of the creditors’ decision procedure must be given to the appropriate regulator; and
(b)the appropriate regulator or a person appointed by the appropriate regulator is entitled to participate in (but not vote in) the creditors’ decision procedure by which the decision is made.
(2B)Notice of the decision made by the creditors’ decision procedure is to be given to the appropriate regulator by the nominee or the nominee’s replacement under section 256(3) or 256A(4) of the 1986 Act.]
(3)A person appointed for the purpose by the [F11appropriate regulator] is entitled to attend any meeting of creditors of the debtor summoned under [F14Article 231 of the 1989 Order].
(4)Notice of the result of a meeting so summoned is to be given to the [F11appropriate regulator] by the chairman of the meeting.
(5)The [F11appropriate regulator] may apply to the court—
(a)under section 262 of the 1986 Act (or Article 236 of the 1989 Order); or
(b)under section 263 of the 1986 Act (or Article 237 of the 1989 Order).
(6)If a person other than [F15a regulator] makes an application to the court under any provision mentioned in subsection (5), [F16the appropriate regulator] is entitled to be heard at any hearing relating to the application.
[F17(7)"The appropriate regulator” means—
[F18(a)in the case of a PRA-authorised person, each of the FCA and the PRA, except that the references in subsections (2A)(b) and (3) to a person appointed by the appropriate regulator are to be read as references to a person appointed by either the FCA or the PRA;]
(b)in any other case, the FCA.
(8)If either regulator makes an application to the court under any of the provisions mentioned in subsection (5) in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.]
Textual Amendments
F10Words in s. 357 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11Words in s. 357(1)-(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F12Word in s. 357(2) substituted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 4(3)(a) (with reg. 17)
F13S. 357(2A)(2B) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 4(3)(b) (with reg. 17)
F14Words in s. 357(3) substituted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 4(3)(c) (with reg. 17)
F15Words in s. 357(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F16Words in s. 357(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F17S. 357(7)(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F18S. 357(7)(a) substituted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 4(3)(d) (with reg. 17)
358 [F19Powers of FCA and PRA] to participate in proceedings: trust deeds for creditors in Scotland.U.K.
(1)This section applies where a trust deed has been granted by or on behalf of a debtor who is an authorised person [F20or recognised investment exchange].
(2)The trustee must, as soon as practicable after he becomes aware that the debtor is an authorised person [F21or recognised investment exchange], send to the [F22appropriate regulator]—
(a)in every case, a copy of the trust deed;
(b)where any other document or information is sent to every creditor known to the trustee in pursuance of [F23section 170 of the 2016] Act, a copy of such document or information.
F24(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)The [F22appropriate regulator] must be given the same notice as the creditors of any meeting of creditors held in relation to the trust deed.
(5)A person appointed for the purpose by [F25the appropriate regulator] is entitled to attend and participate in (but not to vote at) any such meeting of creditors as if [F26that regulator] were a creditor under the deed.
(6)This section does not affect any right [F27a regulator] has as a creditor of a debtor who is an authorised person [F28or recognised investment exchange].
[F29(6A)"The appropriate regulator” means—
(a)in the case of a PRA-authorised person—
(i)for the purposes of subsections (2) F30... and (4), each of the FCA and the PRA, and
(ii)for the purposes of subsection (5), the FCA or the PRA;
(b)in any other case, the FCA.]
(7)Expressions used in this section and in the [F312016] Act have the same meaning in this section as in that Act.
Textual Amendments
F19Words in s. 358 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F20Words in s. 358(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F21Words in s. 358(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F22Words in s. 358(2)-(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F23Words in s. 358(2)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(a)
F24S. 358(3) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(b)
F25Words in s. 358(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(4)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F26Words in s. 358(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F27Words in s. 358(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F28Words in s. 358(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F29S. 358(6A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F30Word in s. 358(6A)(a)(i) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(c)
F31Word in s. 358(7) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(d)
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