The following Financial Services guidance note provides comprehensive and up to date legal information covering:
Part XI of the Financial Services and Markets Act 2000 (FSMA 2000) (ss 165-177) sets out the information gathering powers the regulators and the Secretary of State have to require firms to produce information and documents and prepare reports as well as the regulatory powers to conduct investigations and gain access to premises.
The Financial Services Act 2010 (FSA 2010) inserted FSMA 2000, ss 165A–165C. These provisions were subsequently amended by the Financial Services Act 2012. The sections outline the regime under which the Prudential Regulation Authority (PRA) has the power to require firms to provide information that the PRA considers to be relevant to the stability of one or more aspects of the UK's financial system. The provisions in the Financial Stability and Market Conduct sourcebook (FINMAR) in the PRA and Rulebook and the legislative provisions complement the general information gathering provisions found in FSMA 2000, Pt XI. FSMA 2000, s 165AFINMAR
The additional provisions were introduced in response to the financial crisis, and gave the PRA the ability to be more proactive in identifying issues that have the potential to destabilise parts of the financial system. The powers support the PRA's over-arching objective of 'promoting the safety and soundness of PRA-authorised firms' (ie dual-regulated firms) (FSMA 2000, s 2B) and the Bank of England's financial stability objective (section 2A of the Bank of England Act 1998) as well as the objectives of the Financial Conduct Authority (FCA).
For more information on the regulators' objectives, see Practice Notes: The Banking Act Special Resolution Regime, Prudential Regulation Authority—objectives and principles and Financial Conduct Authority—objectives and principles.
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