Legislation – Financial Services and Markets Act 2023

PART 1
Regulatory framework

CHAPTER 1 Revocation of assimilated law

1 Revocation of assimilated law relating to financial services and markets

2 Transitional amendments

3 Power to make further transitional amendments

4 Power to restate and modify saved legislation

5 Power to replace references to EU directives

6 Restatement in rules: exemption from consultation requirements etc

7 Interpretation of Chapter

CHAPTER 2 New regulatory powers

Designated activities regime

8 Designated activities

Financial market infrastructure: general rules and requirements

9 Rules relating to central counterparties and central securities depositories

10 Central counterparties and central securities depositories: other requirements

11 Rules relating to investment exchanges and data reporting service providers

12 Treasury directions to Bank of England: restrictions

Financial market infrastructure: piloting powers

13 Testing of FMI technologies or practices

14 Reports on FMI sandboxes

15 Permanent implementation of arrangements tested under an FMI sandbox

17 Interpretation

Powers in relation to critical third parties

18 Critical third parties: designation and powers

19 Critical third parties: related amendments

Financial promotion

20 Financial promotion

Sustainability disclosure requirements

21 Sustainability disclosure requirements

Digital settlement assets

22 Digital settlement assets

23 Digital settlement assets: power to make regulations

Mutual recognition

24 Implementation of mutual recognition agreements

CHAPTER 3 Accountability of regulators

39 Reporting requirements

FCA and PRA objectives and regulatory principles

25 Competitiveness and growth objective

26 Competitiveness and growth objective: reporting requirements

27 Regulatory principles

28 Sections 25 and 27: consequential amendments

FCA and PRA powers to make rules etc

29 Review of rules

30 Treasury power in relation to rules

31 Matters to consider when making rules

32 Effect of rules etc on deference decisions

33 Effect of rules etc on international trade obligations

34 Power to disapply or modify rules

FCA and PRA engagement

35 Responses to recommendations of the Treasury

36 Public consultation requirements

37 Engagement with statutory panels

38 Engagement with Parliamentary Committees

Co-operation of FCA and others

40 Duty to co-operate and consult in exercising functions

Panels and policy statements

41 Listing Authority Advisory Panel

42 Insurance Practitioner Panel

43 Cost Benefit Analysis Panels

44 Statement of policy on cost benefit analyses

45 Statement of policy on panel appointments

46 Composition of panels

47 Panel reports

Bank of England regulatory powers

48 Exercise of FMI regulatory powers

49 Bank of England: rule-making powers

50 Application of FSMA 2000 to FMI functions

Payment Systems Regulator

51 Payment Systems Regulator

52 Chair of the Payment Systems Regulator as member of FCA Board

Consultation on rules

53 Consultation on rules

PART 2
Access to cash

54 Cash access services

55 Wholesale cash distribution

PART 3
Performance of functions relating to financial market infrastructure

56 Recognised bodies: senior managers and certification

PART 4
Central counterparties in financial difficulties

57 Central counterparties in financial difficulties

PART 5
Insurers in financial difficulties

58 Insurers in financial difficulties

PART 6
Miscellaneous

59 Application of provisions to regulatory functions under this Act

60 Formerly authorised persons

61 Control over authorised persons

62 Financial services compensation scheme

63 The Ombudsman scheme

64 Unauthorised co-ownership AIFs

65 Power to amend enactments in consequence of rules

66 Ambulatory references

67 Power to amend or repeal certain provisions of FSMA 2000

68 Power under FSMA 2000 to make transitional provisions

69 Cryptoassets

70 Bank of England levy

71 Bank of England levy: consequential amendments

72 Liability of payment service providers for fraudulent transactions

73 Credit unions

74 Reinsurance for acts of terrorism

75 Banking Act 2009: miscellaneous amendments

76 Arrangements for the investigation of complaints

77 Politically exposed persons: money laundering and terrorist financing

78 Politically exposed persons: review of guidance

79 Forest risk commodities: review

PART 7
General

80 Interpretation

81 Pre-commencement consultation

82 Financial provision

83 Power to make consequential provision

86 Commencement

SCHEDULES

SCHEDULE 1 Revocation of assimilated law relating to financial services

SCHEDULE 2 Transitional amendments

SCHEDULE 3 New Schedule 6B to FSMA 2000

SCHEDULE 4 FMI Sandboxes

SCHEDULE 5 Financial promotion: related amendments

SCHEDULE 6 Digital settlement assets

SCHEDULE 7 Accountability of the Payment Systems Regulator

SCHEDULE 8 Cash access services

SCHEDULE 9 Wholesale cash distribution

SCHEDULE 10 Performance of functions relating to financial market infrastructure

SCHEDULE 11 Central counterparties

SCHEDULE 12 Write-down orders

SCHEDULE 13 Insurers in financial difficulties: enforcement of contracts

SCHEDULE 14 Credit unions

Which version?
Latest available (Revised)
Original (As enacted)

Changes to legislation:

There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Section 42.

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

PART 1Regulatory framework

CHAPTER 3Accountability of regulators

Panels and policy statements

42Insurance Practitioner Panel

In FSMA 2000, after section 2M insert—

“2MAThe Insurance Practitioner Panel

(1)

Arrangements under section 2L must include the establishment and maintenance of a panel of persons (to be known as “the Insurance Practitioner Panel”) to represent the interests of practitioners involved in the carrying on of the activity of effecting or carrying out of contracts of insurance.

(2)

The PRA must appoint one of the members of the Insurance Practitioner Panel to be the chair of the Panel.

(3)

The Treasury’s approval is required for the appointment or dismissal of the chair.

(4)

The PRA must appoint to the Insurance Practitioner Panel at least one person representing PRA-authorised persons engaged in the activity of effecting or carrying out of contracts of insurance.

(5)

The PRA may appoint to the Insurance Practitioner Panel such other persons as it considers appropriate.

(6)

Subsections (4) and (5) are subject to section 2LA.”