Textual Amendments
F1Pt. 20B inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 29(2), 41(3); S.I. 2016/627, reg. 2(1)(w)
(1)The Treasury must, from time to time, notify the FCA of the amount of the Treasury's illegal money lending costs.
(2)The FCA must make rules requiring authorised persons, or any specified class of authorised person, to pay to the FCA specified amounts, or amounts calculated in a specified way, with a view to recovering the amount notified under subsection (1).
(3)The amounts to be paid under the rules may include a component to recover the expenses of the FCA in collecting the payments (“collection costs”).
(4)Before the FCA publishes a draft of the rules it must consult the Treasury.
(5)The rules may be made only with the consent of the Treasury.
(6)The Treasury may notify the FCA of matters that they will take into account when deciding whether or not to give consent for the purposes of subsection (5).
(7)The FCA must have regard to any matters notified under subsection (6) before publishing a draft of rules to be made under this section.
(8)The FCA must pay to the Treasury the amounts that it receives under rules made under this section apart from amounts in respect of its collection costs (which it may keep).
(9)The Treasury must pay into the Consolidated Fund the amounts received by them under subsection (8).
(10)In this section the “Treasury's illegal money lending costs” means the expenses incurred, or expected to be incurred, by the Treasury—
(a)in connection with providing grants, loans, or other financial assistance to any person (under section 333S or otherwise) for the purpose of taking action against illegal money lending;
(b)in undertaking or commissioning research relating to taking action against illegal money lending.
(11)The Treasury may by regulations amend the definition of the “Treasury's illegal money lending costs”.
(12)In this section “illegal money lending” and “taking action against illegal money lending” have the same meaning as in section 333S.]