415CCo-operation and consultation in relation to exercise of functions

1

In exercising its functions under this Act a relevant organisation (“R”) must—

a

take such steps as R considers appropriate to co-operate with each of the other relevant organisations in relation to matters of interest to that organisation, and

b

consult such other persons as R considers appropriate in relation to any matters that R considers to be of interest to those persons.

2

A matter is of interest to another relevant organisation for the purposes of subsection (1) if it appears to R that it has, or is likely to have, significant implications in relation to—

a

the exercise by that other relevant organisation of functions under this Act, or

b

the functioning generally of relevant markets within the meaning of section 1F.

3

The relevant organisations must prepare and publish a statement of policy with respect to compliance with the duty under subsection (1).

4

The relevant organisations may alter or replace a statement published under subsection (3).

5

The relevant organisations must publish a statement as altered or replaced under subsection (4).

6

The relevant organisations—

a

must, at least once a year, prepare and publish a report on their compliance with the duty under subsection (1), and

b

must put in place arrangements enabling representations to be made about their compliance with that duty (whether by seeking representations in response to the report or otherwise).

7

Except in the case of the first report to be prepared under this section, a report prepared under subsection (6)(a) must include a summary of representations received in the preceding year in accordance with arrangements made under subsection (6)(b).

8

Publication under this section is to be made in such manner as the relevant organisations consider best designed to bring the publication to the attention of the public.

9

In this section “relevant organisation” means—

a

the FCA;

b

the scheme operator of the ombudsman scheme within the meaning of section 225(2);

c

the scheme manager of the Financial Services Compensation Scheme within the meaning of section 212.