Financial Services Act 2012

4 (1) Section 357 (powers to participate in proceedings: individual voluntary arrangements) is amended as follows.

(2) In subsections (1) to (5), for “Authority” substitute “appropriate regulator”.

(3) In subsection (6)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) for “the Authority”, in the second place, substitute “the appropriate regulator”.

(4) After subsection (6) insert—

“(7) The appropriate regulator” means—

(a) in the case of a PRA-authorised person—

(i) for the purposes of subsections (1) and (4) to (6), each of the FCA and the PRA, and

(ii) for the purposes of subsection (3), the FCA or the PRA;

(b) in any other case, the FCA.

(8) If either regulator makes an application to the court under any of the provisions mentioned in subsection (5) in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.”

(5) In the heading, for “Authority's powers” substitute “Powers of FCA and PRA”.