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Financial Services Act 2010

  • Explanatory Notes Table of contents

Please note:

All reference to 'Parts' and 'sections' are from the Financial Services Act 2010. For other versions of these Explanatory Notes, see More Resources.

  1. Introduction

  2. Background to the Act

  3. Summary and Overview of the Structure of the Act

    1. Objectives of FSA etc

    2. Remuneration of executives of authorised persons

    3. Recovery and resolution plans

    4. Short selling

    5. FSA’s disciplinary powers

    6. Measures to protect consumers

    7. Financial Services Compensation Scheme (FSCS)

    8. Powers to require information

    9. Banking Act 2009

    10. Director of Savings

  4. Territorial Extent

  5. Annex

  6. Commentary on Sections and Schedules

    1. Objectives of FSA etc

      1. Section 1: Financial stability objective

      2. Section 2: Enhancing public understanding of financial matters etc

      3. Section 3: Meeting FSA’s regulatory objectives

    2. Remuneration of executives of authorised persons

      1. Section 4: Executives’ remuneration reports

      2. Section 5: Executives’ remuneration reports: supplementary

      3. Section 6: Remuneration rules made by FSA

        1. New section 139A: General rules about remuneration

    3. Recovery and resolution plans (RRPs)

      1. Section 7: Rules made by FSA about recovery and resolution plans

        1. New section 139B - Rules about recovery plans

        2. New section 139C – Rules about resolution plans

        3. New section 139D – Sections 139B and 139C: interpretation

        4. 139E Rules about recovery and resolution plans: supplementary provision

        5. New section 139F – Special provision in relation to resolution plans

    4. Short selling

      1. Section 8: Power of FSA to prohibit, or require disclosure of, short selling

        1. New section 131B: short selling rules

        2. New section 131C: Short selling rules: definitions etc

        3. New section 131D: Short selling rules: procedure in urgent cases

        4. New section 131E: Power to require information

        5. New section 131F: Power to require information: supplementary

        6. New section 131G: Power to impose penalty or issue censure

        7. New section 131H: Procedure and right to refer to Tribunal

        8. New section 131I: Duty on publication of statement

        9. New section 131J: Imposition of penalties under section 131G: statement of policy

        10. New section 131K: Statement of policy: procedure

    5. FSA’s disciplinary powers

      1. Section 9: Suspending permission to carry on regulated activities etc

      2. Section 10: Removal of restriction on imposing a penalty and cancelling authorisation

      3. Section 11: Performance of controlled function without approval

      4. Section 12: Approved persons guilty of misconduct

      5. Section 13: Publication of decision notices

    6. Measures to protect consumers

      1. Section 14: Consumer redress schemes

        1. New section 404: Consumer redress schemes

        2. New section 404A: Rules under section 404: supplementary

        3. New section 404B: Complaints to the ombudsman scheme

        4. New section 404C: Enforcement

        5. New section 404D: Applications to Tribunal to quash rules or provision of rules

        6. New section 404G: Power to widen the scope of consumer redress schemes

      2. Section 15: Restrictions on provision of credit card cheques

    7. Financial Services Compensation Scheme

      1. Section 16: Contribution to costs of special resolution regime

      2. Section 17: Power to require FSCS manager to act in relation to other schemes

    8. Powers to require information

      1. Section 18: Information relating to financial stability

        1. New section 165A: Authority’s power to require information: financial stability

        2. New section 165B: Safeguards etc in relation to exercise of power under section 165A

        3. New section 165C: Orders under section 165A(2)(d)

        4. New section 169A: Support of overseas regulator with respect to financial stability

      2. Section 19: Asset protection scheme etc

    9. Banking Act 2009

      1. Section 20: Services forming part of recognised inter-bank payment systems

        1. New section 206A: Services forming part of recognised inter-bank payment systems

      2. Section 21: Minor amendments of provision made by Banking Act 2009

    10. Director of Savings

      1. Section 22: Administration of court funds by Director of Savings

    11. General

      1. Section 23: Orders or regulations

      2. Section 24: Minor and consequential amendments

  7. Financial Effects of the Act

  8. Commencement Dates

  9. Hansard References

  10. ANNEX: LIST OF ABBREVIATIONS

  • Explanatory Notes Table of contents

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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