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Financial Services and Markets Act 2000
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- UK Public General Acts
- 2000 c. 8
- Part VII
- Section 109
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Changes over time for: Section 109
Alternative versions:
- 01/12/2001- Amendment
- 01/04/2013- Amendment
- 01/03/2014- Amendment
- 31/05/2016
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Point in time view as at 31/05/2016.
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Financial Services and Markets Act 2000, Section 109 is up to date with all changes known to be in force on or before 14 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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109[F1Scheme reports: insurance business transfer schemes]U.K.
This section has no associated Explanatory Notes
(1)An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme report”).
(2)A scheme report may be made only by a person—
(a)appearing to the [F2appropriate regulator] to have the skills necessary to enable him to make a proper report; and
(b)nominated or approved for the purpose by the [F2appropriate regulator].
(3)A scheme report must be made in a form approved by the [F2appropriate regulator].
[F3(4)Where the appropriate regulator is the PRA, it must consult the FCA before—
(a)nominating or approving a person under subsection (2)(b), or
(b)approving a form under subsection (3).
(5)Subsection (6) applies where the appropriate regulator is the FCA and either—
(a)the transferee is a PRA-authorised person, or
(b)[F4the transferor concerned] or the transferee has as a member of its immediate group a PRA-authorised person.
(6)The FCA must consult the PRA before—
(a)nominating or approving a person under subsection (2)(b), or
(b)approving a form under subsection (3).]
Textual Amendments
F1S. 109 heading substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 7; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F2Words in s. 109 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3S. 109(4)-(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 3(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in Pt. VII substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
Modifications etc. (not altering text)
C1S. 109 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)
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