UK regulators—non-FSMA enforcement powers

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

  • UK regulators—non-FSMA enforcement powers
  • 'Registrant-only' mutual societies
  • Credit unions
  • Building societies
  • Consumer Rights Act 2015
  • Regulation of Investigatory Powers Act 2000 (RIPA 2000)
  • Open-Ended Investment Companies Regulations 2001
  • Powers under other legislation

UK regulators—non-FSMA enforcement powers

In addition to powers granted under the Financial Services and Markets Act 2000 (FSMA 2000), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have enforcement powers under other pieces of legislation. This Practice Note focuses on a selection of legislative provisions.

This Practice Note concentrates on the FCA for the most part, unless otherwise indicated. There will be times where an issue arises which affects the discharge of both the PRA's and the FCA's statutory objectives. In such cases, the two regulators will determine whether there should be two separate but coordinated investigations or whether one of the regulators should take a lead role.

Chapter 19 of the Enforcement Guide (EG) in the FCA Handbook provides further detail on the application and use of these non-FSMA powers.

Where the conduct in question may be a breach of more than one piece of non-FSMA legislation, the FCA may need to consider which enforcement powers to use and whether to use powers from one or more of them. Which power or powers are appropriate will vary according to the circumstances of the case. However, the FCA has stated that it has tried to adopt procedures in respect of its use of powers under legislation other than FSMA 2000 which are 'akin to those used under' FSMA 2000. For instance, the FCA

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