EXPLANATORY NOTE
(This note is not part of the Regulations)
This instrument enables the Financial Conduct Authority (“FCA”) to use its supervisory and enforcement powers under the Financial Services and Markets Act 2000 (c. 8) in order to monitor and enforce compliance with the requirements of section 6 of the Civil Liability Act 2018 (c. 29). It also enables the FCA to impose financial penalties and charge fees in respect of fulfilling its functions under the Civil Liability Act 2018.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.