PART 3Consumer buy-to-let mortgages

Application of provisions of the Act to registered consumer-buy-to-let mortgage firms23

1

For the purposes of the following provisions of the Act, a requirement imposed by or under this Part on a consumer buy-to-let mortgage firm in respect of its consumer buy-to-let mortgage business is to be treated as if it were a requirement imposed on an authorised person by or under the Act—

a

section 204A30 (meaning of “relevant requirements”);

b

section 38031 (injunctions);

c

section 38232 (restitution orders);

d

section 384 (power of FCA or PRA to require restitution); and

e

section 39833 (misleading FCA or PRA: residual cases).

2

The following provisions of the Act apply in respect of the exercise by the FCA of its functions under this Part in relation to a registered consumer buy-to-let mortgage firm as they apply in respect of the exercise by the FCA of its functions under the Act in relation to an authorised person—

a

section 16534 (regulators’ power to require information: authorised persons etc.);

b

section 16635 (reports by skilled persons);

c

section 16736 (appointment of persons to carry out general investigations);

d

section 168(4) to (6)37 (appointment of persons to carry out investigations in particular cases);

e

section 16938 (investigations etc. in support of overseas regulator);

f

section 17039 (investigations: general);

g

section 17140 (powers of persons appointed under section 167);

h

section 172 (additional power of persons appointed as a result of section 168(1) or (4));

i

section 173 (powers of persons appointed as a result of section 168(2));

j

section 17441 (admissibility of statements made to investigators);

k

section 17542 (information and documents: supplemental provisions);

l

section 17643 (entry of premises under warrant);

m

section 176A44 (retention of documents taken under section 176);

n

section 17745 (offences);

o

section 20546 (public censure); and

p

section 20647 (financial penalties).

3

Section 168 of the Act is to be read as if subsection (4) included a reference to circumstances suggesting that a person may have failed to comply with the obligations imposed by this Part.

4

Sections 207 to 211 (disciplinary measures: procedure and policy) of, and paragraph 20 (penalties) of Schedule 1ZA to, the Act48 apply in relation to the exercise of the FCA’s powers under section 205 or 206 of the Act as applied by paragraph (2)(o) and (p) as they apply in relation to the exercise of such powers under section 205 or 206 of the Act in respect of authorised persons.

5

Registered consumer buy-to-let mortgage firms are to be treated as regulated persons for the purposes of paragraph 21 of Schedule 1ZA to the Act (financial penalty scheme)49.