Financial stability information gathering powers—outline of changes made by the Financial Services Act 2012
Financial stability information gathering powers—outline of changes made by the Financial Services Act 2012

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Financial stability information gathering powers—outline of changes made by the Financial Services Act 2012
  • What provisions of FSA 2012 are relevant to information gathering powers?
  • What provisions of FSMA 2000 are amended?
  • Consultation papers and regulator materials
  • Handbook provisions
  • Other relevant materials

From 1 April 2013, the Financial Services Act 2012 (FSA 2012) made amendments to regulatory information gathering powers and obligations on authorised firms to respond to such powers. This Practice Note provides a consolidation of changes to the principal provisions in relation to these requirements.

What provisions of FSA 2012 are relevant to information gathering powers?

  1. FSA 2012, s 6(1) inserts a new section 3E into the Financial Services and Markets Act 2000 (FSMA 2000)

  2. FSA 2012, s 29 inserts a new FSMA 2000, s 285A and a new Sch 17A. FSMA 2000, Sch 17A is set out in FSA 2012, Sch

  3. FSA 2012, s 41 refers to Sch 12. FSA 2012, Sch 12 makes various amendments to FSMA 2000, Pts 11 and 23, including relating to information gathering

What provisions of FSMA 2000 are amended?

  1. FSMA 2000, s 3E is inserted by FSA 2012, s 6(1). This provides that the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) must prepare and maintain a memorandum describing how they intend to comply with their duty to ensure coordinated exercise of functions. The memorandum can contain provisions in relation to their powers to appoint competent persons to conduct investigations on their behalf under FSMA 2000, Pt XI (information gathering). The draft MOU can be