Paragraph 3 The Financial Conduct Authority (FCA)I1I2I3

The Financial Services and Markets Act 2000 is amended as follows.

In section 234I (functions of the FCA under Part 4 of EA 2002), after subsection (8) insert—

“(9)

In making any decision, or otherwise taking action, for the purposes of any of its functions that, by virtue of this section, are functions exercisable concurrently with the CMA, the FCA must have regard to the need for making a decision, or taking action, as soon as reasonably practicable.”

In section 234J (functions of the FCA under CA 1998), after subsection (5) insert—

“(6)

In making any decision, or otherwise taking action, for the purposes of any of its functions that—

(a)

by virtue of this section, are functions exercisable concurrently with the CMA, and

(b)

are functions within Schedule 4A to the Enterprise and Regulatory Reform Act 2013 by virtue of paragraph 5 of that Schedule,

the FCA must have regard to the need for making a decision, or taking action, as soon as reasonably practicable.”