Financial Services and Markets Act 2023

Amendments to FSMA 2000 U.K.

8 (1) Section 168 (appointment of persons to carry out investigations in particular cases) is amended as follows.

(2) After subsection (4) insert—

“(4A) Subsection (5) applies if it appears to the investigating authority that there are circumstances suggesting that—

(a) an individual may not be a fit and proper person to perform functions in relation to an activity carried on by a relevant recognised body;

(b) an individual may have performed, or agreed to perform, a function in breach of a Part 18 prohibition order;

(c) a person may have failed to comply with section 309F(1);

(d) a relevant recognised body may have failed to comply with section 309G(1);

(e) a person in relation to whom the FCA has given approval under section 309G may not be a fit and proper person to perform the function to which that approval relates;

(f) a person may have performed a designated senior management function without approval under section 309G (see section 309U(3));

(g) a person may be guilty of misconduct for the purposes of section 309Z2.”

(3) In subsection (6), after paragraph (b) insert—

“(c) in subsection (4A), the FCA.”

(4) After subsection (6), insert—

“(7) “Relevant recognised body” has the same meaning as in Chapter 2A of Part 18 (see section 309A).”

Commencement Information

I1 Sch. 10 para. 8 in force at Royal Assent for specified purposes, see s. 86(1)(e)