Article 23 Application of provisions of the Act to registered consumer-buy-to-let mortgage firms

(1)

For the purposes of the following provisions of the Act, a requirement imposed by or under this Part on a consumer buy-to-let mortgage firm in respect of its consumer buy-to-let mortgage business is to be treated as if it were a requirement imposed on an authorised person by or under the Act—

(a)

section 204A^f1 (meaning of “relevant requirements”);

(b)

section 380^f2 (injunctions);

(c)

section 382^f3 (restitution orders);

(d)

section 384 (power of FCA or PRA to require restitution); and

(e)

section 398^f4 (misleading FCA or PRA: residual cases).

(2)

The following provisions of the Act apply in respect of the exercise by the FCA of its functions under this Part in relation to a registered consumer buy-to-let mortgage firm as they apply in respect of the exercise by the FCA of its functions under the Act in relation to an authorised person—

(a)

section 165^f5 (regulators’ power to require information: authorised persons etc.);

(b)

section 166^f6 (reports by skilled persons);

(c)

section 167^f7 (appointment of persons to carry out general investigations);

(d)

section 168(4) to (6)^f8 (appointment of persons to carry out investigations in particular cases);

(e)

section 169^f9 (investigations etc. in support of overseas regulator);

(f)

section 170^f10 (investigations: general);

(g)

section 171^f11 (powers of persons appointed under section 167);

(h)

section 172 (additional power of persons appointed as a result of section 168(1) or (4));

(i)

section 173 (powers of persons appointed as a result of section 168(2));

(j)

section 174^f12 (admissibility of statements made to investigators);

(k)

section 175^f13 (information and documents: supplemental provisions);

(l)

section 176^f14 (entry of premises under warrant);

(m)

section 176A^f15 (retention of documents taken under section 176);

(n)

section 177^f16 (offences);

(o)

section 205^f17 (public censure); and

(p)

section 206^f18 (financial penalties).

(3)

Section 168 of the Act is to be read as if subsection (4) included a reference to circumstances suggesting that a person may have failed to comply with the obligations imposed by this Part.

(4)

Sections 207 to 211 (disciplinary measures: procedure and policy) of, and paragraph 20 (penalties) of Schedule 1ZA to, the Act^f19 apply in relation to the exercise of the FCA’s powers under section 205 or 206 of the Act as applied by paragraph (2)(o) and (p) as they apply in relation to the exercise of such powers under section 205 or 206 of the Act in respect of authorised persons.

(5)

Registered consumer buy-to-let mortgage firms are to be treated as regulated persons for the purposes of paragraph 21 of Schedule 1ZA to the Act (financial penalty scheme)^f20.

Annotations

Footnotes

f1: Section 204A was inserted by paragraphs 1 and 10 of Schedule 9 to the Financial Services Act 2012 (c. 21).
f2: Section 380 was amended by paragraph 19 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 (c. 33) and S.I. 2013/1773.
f3: Section 382 was amended by paragraph 21 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 and S.I. 2013/1773.
f4: Section 398 was amended by paragraph 36 of Schedule 9 to the Financial Services Act 2012 and by S.I. 2013/1773.
f5: Section 165 was amended by paragraph 15 of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 1 of Schedule 12 to the Financial Services Act 2012 and S.I. 2013/1773.
f6: Section 166 was substituted by paragraph 5 of Schedule 12 to the Financial Services Act 2012.
f7: Section 167 was amended by paragraph 7 of Schedule 12 to the Financial Services Act 2012 and S.I. 2007/126.
f8: Section 168 was amended by paragraph 33 of Schedule 7 to the Counter-Terrorism Act 2008 (c. 28), paragraph 16 of Schedule 2 to the Financial Services Act 2010, paragraph 8 of Schedule 12 to the Financial Services Act 2012 and S.I. 2007/126, 2012/2554 and 2013/1773.
f9: Section 169 was amended by paragraph 9 of Schedule 12 to the Financial Services Act 2012.
f10: Section 170 was amended by paragraph 10 of Schedule 12 to the Financial Services Act 2012.
f11: Section 171 was amended by S.I. 2007/126.
f12: Section 174 was amended by paragraph 12 of Schedule 12 to the Financial Services Act 2012.
f13: Section 175 was amended by paragraph 13 of Schedule 12 to the Financial Services Act 2012.
f14: Section 176 was amended by paragraph 17 of Schedule 2 to the Financial Services Act 2010, paragraph 14 of Schedule 12 to the Financial Services Act 2012 and S.I. 2005/1433.
f15: Section 176A was inserted by paragraph 15 of Schedule 12 to the Financial Services Act 2012.
f16: Section 177 was amended by paragraph 8 of Schedule 8 to the Financial Services Act 2012 and S.I. 2001/1090.
f17: Section 205 was amended by paragraph 11 of Schedule 9 to the Financial Services Act 2012.
f18: Section 206 was amended by section 10 of the Financial Services Act 2010 (c. 28) and by paragraph 12 of Schedule 9 to the Financial Services Act 2012 (c. 21).
f19: Sections 207 to 211 were amended by paragraphs 18, 19 and 20 of Schedule 2 to the Financial Services Act 2010 and by paragraphs 14, 15, 16, 17 and 18 of Schedule 9 to the Financial Services Act 2012.
f20: Schedule 1ZA was substituted by Schedule 3 to the Financial Services Act 2012.