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Financial Services and Markets Act 2000

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Financial Services and Markets Act 2000, Section 229 is up to date with all changes known to be in force on or before 23 December 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. Help about Changes to Legislation

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229 Awards.U.K.

This section has no associated Explanatory Notes

(1)This section applies only in relation to the compulsory jurisdiction [F1and to the consumer credit jurisdiction].

(2)If a complaint which has been dealt with under the scheme is determined in favour of the complainant, the determination may include—

(a)an award against the respondent of such amount as the ombudsman considers fair compensation for loss or damage (of a kind falling within subsection (3)) suffered by the complainant (“a money award”);

(b)a direction that the respondent take such steps in relation to the complainant as the ombudsman considers just and appropriate (whether or not a court could order those steps to be taken).

(3)A money award may compensate for—

(a)financial loss; or

(b)any other loss, or any damage, of a specified kind.

(4)The [F2FCA] may specify [F3for the purposes of the compulsory jurisdiction] the maximum amount which may be regarded as fair compensation for a particular kind of loss or damage specified under subsection (3)(b).

[F4(4A)The scheme operator may specify for the purposes of the consumer credit jurisdiction the maximum amount which may be regarded as fair compensation for a particular kind of loss or damage specified under subsection (3)(b).]

(5)A money award may not exceed the monetary limit; but the ombudsman may, if he considers that fair compensation requires payment of a larger amount, recommend that the respondent pay the complainant the balance.

(6)The monetary limit is such amount as may be specified.

(7)Different amounts may be specified in relation to different kinds of complaint.

(8)A money award—

(a)may provide for the amount payable under the award to bear interest at a rate and as from a date specified in the award; and

(b)is enforceable by the complainant in accordance with Part III of Schedule 17 [F5or (as the case may be) Part 3A of that Schedule].

(9)Compliance with a direction under subsection (2)(b)—

(a)is enforceable by an injunction; or

(b)in Scotland, is enforceable by an order under section 45 of the M1Court of Session Act 1988.

(10)Only the complainant may bring proceedings for an injunction or proceedings for an order.

[F6(11)Specified” means—

(a)for the purposes of the compulsory jurisdiction, specified in compulsory jurisdiction rules;

(b)for the purposes of the consumer credit jurisdiction, specified in consumer credit rules.

(12)Consumer credit rules under this section may make different provision for different cases.]

Textual Amendments

F1Words in s. 229(1) inserted (16.6.2006) by Consumer Credit Act 2006 (c. 14), ss. 61(3), 71(2); S.I. 2006/1508, art. 3(1), Sch. 1

F2Word in s. 229(4) substituted (24.1.2013 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. 11 para. 5 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F3Words in s. 229(4) inserted (16.6.2006) by Consumer Credit Act 2006 (c. 14), ss. 61(4), 71(2); S.I. 2006/1508, art. 3(1), Sch. 1

F5Words in s. 229(8)(b) inserted (16.6.2006) by Consumer Credit Act 2006 (c. 14), ss. 61(6), 71(2); S.I. 2006/1508, art. 3(1), Sch. 1

F6S. 229(11)(12) substituted (16.6.2006) for s. 229(11) by Consumer Credit Act 2006 (c. 14), ss. 61(7), 71(2); S.I. 2006/1508, art. 3(1), Sch. 1

Modifications etc. (not altering text)

C1S. 229 applied (1.12.2001) by S.I. 2001/2326, arts. 1(1)(b), 7(1); S.I. 2001/3538, art. 2(1)

S. 229 restricted (1.12.2001) by S.I. 2001/2326, arts. 1(1)(b), 6(1)(b)(4)(5); S.I. 2001/3538, art. 2(1)

C3S. 229(8)(b) applied (1.12.2001) by S.I. 2001/2326, arts. 1(1)(b), 6(4); S.I. 2001/3538, art. 2(1)

C4S. 229(9)(10) applied (1.12.2001) by S.I. 2001/2326, arts. 1(1)(b), 6(5); S.I. 2001/3538, art. 2(1)

Commencement Information

I1S. 229 wholly in force at 1.12.2001; s. 229 not in force at Royal Assent see s. 431(2); s. 229 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 229 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

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