C3Part V Performance of Regulated Activities
Conduct F1of approved persons
Words in cross-heading before s. 64 inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 7
C1C265 Statements and codes: procedure.
1
Before issuing a statement or code under section 64, the Authority must publish a draft of it in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
2
The draft must be accompanied by —
a
a cost benefit analysis; and
b
notice that representations about the proposal may be made to the Authority within a specified time.
3
Before issuing the proposed statement or code, the Authority must have regard to any representations made to it in accordance with subsection (2)(b).
4
If the Authority issues the proposed statement or code it must publish an account, in general terms, of—
a
the representations made to it in accordance with subsection (2)(b); and
b
its response to them.
5
If the statement or code differs from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant—
a
the Authority must (in addition to complying with subsection (4)) publish details of the difference; and
b
those details must be accompanied by a cost benefit analysis.
6
Neither subsection (2)(a) nor subsection (5)(b) applies if the Authority considers—
a
that, making the appropriate comparison, there will be no increase in costs; or
b
that, making that comparison, there will be an increase in costs but the increase will be of minimal significance.
7
Subsections (1) to (6) do not apply if the Authority considers that the delay involved in complying with them would prejudice the interests of consumers.
8
A statement or code must state that it is issued under section 64.
9
The Authority may charge a reasonable fee for providing a copy of a draft published under subsection (1).
10
This section also applies to a proposal to alter or replace a statement or code.
11
“Cost benefit analysis” means an estimate of the costs together with an analysis of the benefits that will arise—
a
if the proposed statement or code is issued; or
b
if subsection (5)(b) applies, from the statement or code that has been issued.
12
“The appropriate comparison” means—
a
in relation to subsection (2)(a), a comparison between the overall position if the statement or code is issued and the overall position if it is not issued;
b
in relation to subsection (5)(b), a comparison between the overall position after the issuing of the statement or code and the overall position before it was issued.
Pt. V (ss. 56-71) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))