Financial Services and Markets Act 2000

[F1 234H Power of FCA to make request to [F2 Competition and Markets Authority] U.K.

(1) The FCA may ask the [F3 Competition and Markets Authority (“the CMA”)] to consider whether a feature, or combination of features, of a market in the United Kingdom for financial services may prevent, restrict or distort competition in connection with the supply or acquisition of any financial services in the United Kingdom or a part of the United Kingdom.

[F4 (1A) In a case where the feature or each of the features concerned is—

(a) any conduct (whether or not in the market concerned) of one or more than one person who supplies or acquires goods or services in the market concerned, or

(b) any conduct relating to the market concerned of customers of any person who supplies or acquires goods or services,

a request under subsection (1) may be made in relation to more than one market in the United Kingdom for financial services.]

(2) The [F5 CMA] must, within 90 days after the day on which it receives the request, publish a response stating how it proposes to deal with the request and in particular—

(a) whether it has decided to take any action, or to take no action, in response to the request, and

(b) if it has decided to take action, what action it proposes to take.

(3) The response must state the [F5 CMA]'s reasons for its proposals.

(4) The Treasury may by order amend subsection (2) by substituting any period for the period for the time being specified there.

(5) In this section—

(a) “market in the United Kingdom” has the meaning given in section 140A(1);

(b) the reference to a feature of a market in the United Kingdom for financial services has a meaning corresponding to that which a reference to a feature of a market in the United Kingdom for goods and services has (by virtue of section 140A(3)) for the purposes of Chapter 4 of Part 9A.]

Textual Amendments

F1 Pt. 16A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 43, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

F2 Words in s. 234H heading substituted (1.4.2014) by The Enterprise and Regulatory Reform Act 2013 (Competition) (Consequential, Transitional and Saving Provisions) Order 2014 (S.I. 2014/892), art. 1(1), Sch. 1 para. 128(5) (with art. 3)

F3 Words in s. 234H(1) substituted (1.4.2014) by The Enterprise and Regulatory Reform Act 2013 (Competition) (Consequential, Transitional and Saving Provisions) Order 2014 (S.I. 2014/892), art. 1(1), Sch. 1 para. 128(2) (with art. 3)

F4 S. 234H(1A) inserted (1.4.2014) by The Enterprise and Regulatory Reform Act 2013 (Competition) (Consequential, Transitional and Saving Provisions) Order 2014 (S.I. 2014/892), art. 1(1), Sch. 1 para. 128(3) (with art. 3)

F5 Word in s. 234H(2)(3) substituted (1.4.2014) by The Enterprise and Regulatory Reform Act 2013 (Competition) (Consequential, Transitional and Saving Provisions) Order 2014 (S.I. 2014/892), art. 1(1), Sch. 1 para. 128(4) (with art. 3)