Financial Services Act 2012

85 Relevant functions in relation to complaints scheme U.K.

(1) This section has effect for the interpretation of the reference in section 84(1)(a) to the relevant functions of the regulators.

[F1 (2) The relevant functions of the FCA or the PRA are—

(a) its functions conferred by or under FSMA 2000, other than its legislative functions, and

(b) such other functions as the Treasury may by order provide.]

[F2 (3) The relevant functions of the Bank of England are—

(a) its functions under Part 18 of FSMA 2000 (recognised clearing houses) or under Part 5 of the Banking Act 2009 (inter-bank payment systems), other than its legislative functions, and

(b) such other functions as the Treasury may by order provide.]

(4) For the purposes of [F3 subsection (2)(a) ], the following are the FCA's legislative functions—

(a) making rules under FSMA 2000;

(b) issuing codes under section 64 or 119 of FSMA 2000;

(c) issuing statements under—

(i) section 63C, 64, 69, 88C, 89S, 93, 124, 131J, 138N, 192H, 192N, 210 or 312J of FSMA 2000,

(ii) section 345D of FSMA 2000 (whether as a result of section 345(2) or 345A(3) or section 249(1) [F4 or 261K(1)] of that Act), or

(iii) section 80 of the Financial Services Act 2012;

(d) giving directions under section 316, 318 or 328 of FSMA 2000;

(e) issuing general guidance, as defined in section 139B(5) of FSMA 2000.

(5) For the purposes of [F5 subsection (2)(a)], the following are the PRA's legislative functions—

(a) making rules under FSMA 2000;

(b) issuing codes under section 64 of FSMA 2000;

(c) issuing statements under—

(i) section 63C, 64, 69, 192H, 192N, 210 or 345D of FSMA 2000, or

(ii) section 80 of the Financial Services Act 2012;

(d) giving directions under section 316 or 318 of FSMA 2000;

(e) issuing guidance under section 2I of FSMA 2000.

(6) For the purposes of [F6 subsection (3)(a) ], the following functions of the Bank of England under Part 18 of FSMA 2000 are legislative functions—

(a) making rules;

(b) issuing statements—

(i) under section 312J, or

(ii) by virtue of the application by Schedule 17A of a provision mentioned in subsection (5)(c)(i) of this section.

(7) For the purposes of [F7 subsection (3)(a) ], the following functions of the Bank of England under Part 5 of the Banking Act 2009 are legislative functions—

(a) publishing principles or codes of practice under sections 188 and 189;

(b) preparing statements under section 198(3).

[F8 (8) For the purposes of subsection (2), sections 1A(6) and 2A(6) of FSMA 2000 do not apply.]

Textual Amendments

F1 S. 85(2) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(2); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F2 S. 85(3) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(3); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F3 Words in s. 85(4) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(4); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F4 Words in s. 85(4)(c)(ii) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 6 (with reg. 24)

F5 Words in s. 85(5) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(4); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F6 Words in s. 85(6) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(5); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F7 Words in s. 85(7) substituted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(5); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

F8 S. 85(8) inserted (1.3.2014 for specified purposes, 1.6.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 10(6); S.I. 2014/377, art. 2(1)(b)(3), Sch. Pt. 2

Modifications etc. (not altering text)

C1 S. 85 modified (20.2.2013) by The Financial Services Act 2012 (Transitional Provisions) (Rules and Miscellaneous Provisions) Order 2013 (S.I. 2013/161), arts. 1(1), 3(8)(c)

C2 S. 85 modified (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013 (S.I. 2013/442), arts. 1(3), 61(3)(b)

C3 S. 85 applied (with modifications) (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013 (S.I. 2013/442), arts. 1(3), 63(2)

C4 Ss. 84-86 applied by SI 2001/2326 art. 18(2) (as amended) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 paras. 49(b)(bb)-(ff), (ii)

Commencement Information

I1 S. 85 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I2 S. 85 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.