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Financial Services and Markets Act 2000
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Changes over time for: Paragraph 21
Version Superseded: 21/03/2016
Alternative versions:
- 24/01/2013- Amendment
- 09/07/2013- Amendment
- 12/12/2014- Amendment
- 03/03/2015- Amendment
- 20/04/2015- Amendment
- 21/12/2015- Amendment
- 01/01/2016
Point in time - 21/03/2016- Amendment
- 29/06/2017- Amendment
- 03/07/2017- Amendment
- 31/07/2017- Amendment
- 01/01/2018- Amendment
- 03/01/2018- Amendment
- 27/02/2018- Amendment
- 01/01/2019- Amendment
- 10/06/2019- Amendment
- 31/12/2020- Amendment
- 30/01/2024- Amendment
- 05/04/2024- Amendment
- 01/11/2024- Amendment
Status:
Point in time view as at 01/01/2016.
Changes to legislation:
Financial Services and Markets Act 2000, Paragraph 21 is up to date with all changes known to be in force on or before 25 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.
Changes to Legislation
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This section has no associated Explanatory Notes
[F121(1)The FCA must prepare and operate a scheme (“the financial penalty scheme”) for ensuring that the amounts that, as a result of the deduction for which paragraph 20(1) provides, are retained by the FCA in respect of amounts paid to it by way of penalties imposed under this Act are applied for the benefit of regulated persons.U.K.
(2)“Regulated persons” means—
(a)authorised persons,
(b)recognised investment exchanges,
(c)issuers of securities admitted to the official list, F2...
(d)issuers who have requested or approved the admission of financial instruments to trading on a regulated market[F3, and
(e)designated guidance providers.]
(3)The financial penalty scheme may, in particular, make different provision with respect to different classes of regulated person.
(4)The financial penalty scheme must ensure that those who have become liable to pay a penalty to the FCA in any financial year of the FCA do not receive any benefit under the scheme in the following financial year.
(5)Up-to-date details of the financial penalty scheme must be set out in a document (“the scheme details”).]
Textual Amendments
F1Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 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. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
F2Word in Sch. 1ZA para. 21(2)(c) omitted (3.3.2015) by virtue of Pension Schemes Act 2015 (c. 8), s. 89(1)(a), Sch. 3 para. 15(a) (with s. 87)
F3Sch. 1ZA para. 21(2)(e) and word inserted (3.3.2015) by Pension Schemes Act 2015 (c. 8), s. 89(1)(a), Sch. 3 para. 15(b) (with s. 87)
Modifications etc. (not altering text)
C1Sch. 1ZA paras. 19-22 applied (with modifications) (E.W.) (9.7.2013) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013 (S.I. 2013/1635), regs. 1, 7(2)
C2Sch. 1ZA paras. 19-22 applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 6
C3Sch. 1ZA para. 21 modified (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), 23(5) (with Pt. 4)
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