Financial Services and Markets Act 2000

Section 203(8).

SCHEDULE 16 U.K. Prohibitions and Restrictions imposed by [F1 OFFICE OF FAIR TRADING]

Textual Amendments

F1 Sch. 16: words in heading substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(a); S.I. 2003/766, art. 2, Sch. (with art. 3)

Modifications etc. (not altering text)

C1 Sch. 16 applied (with modifications) (1.5.2009 for certain purposes and 1.11.2009 otherwise) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2), 26(1) (with reg. 3)

C2 Sch. 16 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 31(1) (with reg. 3)

Preliminary U.K.

1 U.K. In this Schedule—

• “appeal period” has the same meaning as in the M1 Consumer Credit Act 1974;

• “prohibition” means a consumer credit prohibition under section 203;

• “restriction” means a restriction under section 204.

Marginal Citations

M1 1974 c. 39.

Notice of prohibition or restriction U.K.

2 (1) This paragraph applies if the [F2 OFT] proposes, in relation to a firm— U.K.

(a) to impose a prohibition;

(b) to impose a restriction; or

(c) to vary a restriction otherwise than with the agreement of the firm.

(2) The [F2 OFT] must by notice—

(a) inform the firm of [F3 its] proposal, stating [F3 its] reasons; and

(b) invite the firm to submit representations in accordance with paragraph 4.

(3) If [F4 the OFT] imposes the prohibition or restriction or varies the restriction, the [F2 OFT] may give directions authorising the firm to carry into effect agreements made before the coming into force of the prohibition, restriction or variation.

(4) A prohibition, restriction or variation is not to come into force before the end of the appeal period.

(5) If the [F2 OFT] imposes a prohibition or restriction or varies a restriction, [F4 the OFT] must serve a copy of the prohibition, restriction or variation—

(a) on the Authority; and

(b) on the firm’s home state regulator.

Textual Amendments

F2 Sch. 16: words substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F3 Sch. 16: word substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F4 Sch. 16: words substituted (1.4.2003) in both places by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

Modifications etc. (not altering text)

C3 Sch. 16 para. 2(2) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 24 (with art. 23(2))

C4 Sch. 16 para. 2(3) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 53(4); S.I. 2001/3538, art. 2(1)

Application to revoke prohibition or restriction U.K.

3 (1) This paragraph applies if the [F5 OFT] proposes to refuse an application made by a firm for the revocation of a prohibition or restriction. U.K.

(2) The [F5 OFT] must by notice—

(a) inform the firm of the proposed refusal, stating [F6 its] reasons; and

(b) invite the firm to submit representations in accordance with paragraph 4.

Textual Amendments

F5 Sch. 16: words substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F6 Sch. 16: word substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

Representations to [F7 OFT] U.K.

Textual Amendments

F7 Sch. 16: words in substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

4 (1) If this paragraph applies to an invitation to submit representations, the [F8 OFT] must invite the firm, within 21 days after the notice containing the invitation is given to it or such longer period as [F9 the OFT] may allow— U.K.

(a) to submit its representations in writing to [F10 the OFT]; and

(b) to give notice to [F10 the OFT], if the firm thinks fit, that it wishes to make representations orally.

(2) If notice is given under sub-paragraph (1)(b), the [F8 OFT] must arrange for the oral representations to be heard.

(3) The [F8 OFT] must give the firm notice of [F11 its] determination.

Textual Amendments

F8 Sch. 16: words substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F9 Sch. 16: words substituted (1.4.2003) in both places by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F10 Sch. 16: words substituted (1.4.2003) in both places by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F11 Sch. 16: word substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

Appeals U.K.

5 U.K. Section 41 of the M2 Consumer Credit Act 1974 (appeals to the Secretary of State) has effect as if—

(a) the following determinations were mentioned in column 1 of the table set out at the end of that section—

(i) imposition of a prohibition or restriction or the variation of a restriction; and

(ii) refusal of an application for the revocation of a prohibition or restriction; and

(b) the firm concerned were mentioned in column 2 of that table in relation to those determinations.

Marginal Citations

M2 1974 c. 39.