Legislation – Data (Use and Access) Act 2025

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Part 1Access to customer data and business data

Financial services sector

15The FCA and financial services interfaces: supplementary

(1)

This section is about provision that regulations under section 14 may or must (among other things) contain.

(2)

The regulations—

(a)

may require or enable the FCA to impose interface-related requirements that could be imposed by regulations made in reliance on section 7(4) or (5), but

(b)

may not require or enable the FCA to require a person to set up an interface body.

(3)

The regulations must—

(a)

require the FCA, so far as is reasonably possible, to exercise functions conferred by the regulations in a manner which is compatible with, or which advances, one or more specified purposes;

(b)

specify one or more matters to which the FCA must have regard when exercising functions conferred by the regulations;

(c)

if they require or enable the FCA to make rules, make provision about the procedure for making rules, including provision requiring such consultation with persons likely to be affected by the rules or representatives of such persons as the FCA considers appropriate.

(4)

The regulations may—

(a)

require the FCA to carry out an analysis of the costs and benefits that will arise if proposed rules are made or proposed changes are made to rules and make provision about what the analysis must include;

(b)

require the FCA to publish rules or changes to rules and to provide copies to specified persons;

(c)

make provision about the effect of rules, including provision about circumstances in which rules are void and circumstances in which a person is not to be taken to have contravened a rule;

(d)

make provision enabling or requiring the FCA to modify or waive rules as they apply to a particular case;

(e)

make provision about the procedure for imposing FCA additional requirements;

(f)

make provision enabling or requiring the FCA to produce guidance about how it proposes to exercise its functions under the regulations, to publish the guidance and to provide copies to specified persons.

(5)

The regulations may require or enable the FCA to impose the following types of requirement on a person as FCA additional requirements—

(a)

a requirement to review the person’s conduct;

(b)

a requirement to take remedial action;

(c)

a requirement to make redress for loss or damage suffered by others as a result of the person’s conduct.

(6)

The regulations may require or enable FCA interface rules to require a person listed in subsection (7) to pay fees to an interface body or another person listed in that subsection, or to a person acting on behalf of such a body or person, in connection with activities described in subsection (8).

(7)

Those persons are—

(a)

persons falling within section 14(3)(b) or (c);

(b)

financial services providers.

(8)

Those activities are performing or exercising—

(a)

duties or powers imposed or conferred on the interface body or person listed in subsection (7) by FCA interface rules, and

(b)

other duties or powers imposed or conferred on that body or person by or under regulations made under this Part.

(9)

Regulations made in reliance on subsection (6)—

(a)

may enable rules to provide for the amount of a fee to be an amount which is intended to exceed the cost of the things in connection with which the fee is charged (and for the total amount of fees payable in connection with things to exceed the total cost);

(b)

may require or enable rules to make provision about the amount, or maximum amount, of a fee, including provision about how a fee is to be determined;

(c)

may require or enable rules to make provision about the amount, or maximum amount, by which the amount, or maximum amount, of a fee must or may increase and the times at which it must or may increase;

(d)

must require rules, where relevant, to require a person who determines an amount referred to in paragraph (b) or (c) to publish information about the amount and how it is determined;

(e)

may require or enable rules to make provision about what must or may be done with amounts paid as fees;

(f)

may require or enable rules to make provision about—

(i)

interest on any unpaid amounts;

(ii)

the recovery of unpaid amounts.

(10)

Regulations under section 14 may enable FCA interface rules to make provision about whether an interface body or a person listed in subsection (7), or a person acting on behalf of such a body or person, who could require payment in connection with an activity described in subsection (8) otherwise than in reliance on FCA interface rules may do so.

(11)

Examples of requiring payment otherwise than in reliance on FCA interface rules include doing so in reliance on other legislation or a contract or other arrangement (whenever entered into).

(12)

Regulations under section 14 may provide that powers to make FCA interface rules include powers to do things described in section 21(1)(a) to (h) (supplementary powers) (ignoring the restriction in relation to fees in section 21(3)).

(13)

In this section, “financial services provider” and “interface-related” have the meaning given in section 14.

(14)

The reference in subsection (5)(c) to making redress includes—

(a)

paying interest, and

(b)

providing redress in the form of a remedy or relief which could not be awarded in legal proceedings.