{
  "url": "https://openlegislation.uk/financial-services-act-2012/schedule-9/paragraph-41",
  "json_url": "https://openlegislation.uk/financial-services-act-2012/schedule-9/paragraph-41.json",
  "legislation": "ukpga/2012/21",
  "legislation_title": "Financial Services Act 2012",
  "legislation_url": "https://openlegislation.uk/financial-services-act-2012",
  "path": "schedule/9/paragraph/41",
  "kind": "paragraph",
  "number": "41",
  "heading": null,
  "text": "After section 415A insert—\n“Consultation\nConsultation in relation to taking certain enforcement action\n415B (1) The FCA must consult the PRA before taking a qualifying step in relation to a person who—\n(a) is a PRA-authorised person, or\n(b) has a qualifying relationship with a PRA-authorised person.\n(2) The PRA must consult the FCA before taking a qualifying step.\n(3) In this section any reference to the taking of a qualifying step is a reference to—\n(a) the giving of a warning notice or decision notice under section 63B (performance of controlled functions without approval),\n(b) the giving of a warning notice or decision notice under section 67 (disciplinary powers in relation to approved person),\n(c) the giving of a warning notice under section 126 or a decision notice under section 127 (market abuse),\n(d) the giving of a warning notice or decision notice under section 131H (short selling),\n(e) the giving of a warning notice under section 207 or a decision notice under section 208 (breaches of requirements imposed by or under Act etc.),\n(f) the giving of a warning notice under section 312G or a decision notice under section 312H (recognised bodies),\n(g) the making of an application to the court under section 380, 381, 382 or 383 (injunctions or restitution), or\n(h) the giving of a warning notice under section 385 or a decision notice under section 386 (power of FCA or PRA to require restitution).\n(4) A person has a qualifying relationship with a PRA-authorised person (“A”) for the purposes of this section if—\n(a) the person is a member of A's immediate group, or\n(b) in the case of a qualifying step within subsection (3)(a) or (b), the person performs a significant-influence function under an arrangement entered into by A, or by a contractor of A, in relation to the carrying on by A of a regulated activity.\n“Significant-influence function” and “arrangement” have the same meanings as in section 59.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 9 para. 41 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/21/schedule/9/paragraph/41",
    "retrieved_at": "2026-10-29T09:08:36.918830+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}