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Financial Services and Markets Act 2000

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Changes over time for: Section 1C

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Version Superseded: 06/04/2021

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Status:

Point in time view as at 13/03/2018. This version of this provision has been superseded. Help about Status

Changes to legislation:

Financial Services and Markets Act 2000, Section 1C is up to date with all changes known to be in force on or before 22 January 2025. 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. Help about Changes to Legislation

[F11CThe consumer protection objectiveU.K.
This section has no associated Explanatory Notes

(1)The consumer protection objective is: securing an appropriate degree of protection for consumers.

(2)In considering what degree of protection for consumers may be appropriate, the FCA must have regard to—

(a)the differing degrees of risk involved in different kinds of investment or other transaction;

(b)the differing degrees of experience and expertise that different consumers may have;

(c)the needs that consumers may have for the timely provision of information and advice that is accurate and fit for purpose;

(d)the general principle that consumers should take responsibility for their decisions;

(e)the general principle that those providing regulated financial services should be expected to provide consumers with a level of care that is appropriate having regard to the degree of risk involved in relation to the investment or other transaction and the capabilities of the consumers in question;

(f)the differing expectations that consumers may have in relation to different kinds of investment or other transaction;

(g)any information which the consumer financial education body has provided to the FCA in the exercise of the consumer financial education function;

(h)any information which the scheme operator of the ombudsman scheme has provided to the FCA pursuant to section 232A.]

Textual Amendments

F1Pt. 1A substituted for Pt. 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), ss. 6(1), 122(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.

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