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The Financial Services and Markets Act 2000 (Commencement No. 4 and Transitional Provision) Order 2001

S.I. 2001/2364 · Made 2 July 2001

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

FINANCIAL SERVICES AND MARKETS

Made 2nd July 2001

The Treasury, in exercise of the powers conferred on them by sections 431(2) and 428(3) of the Financial Services and Markets Act 2000f1 (“the Act”), hereby make the following Order:

Annotations to the whole text

Footnotes

f1

2000 c. 8.

Contents

  1. 1Citation
  2. 2Appointed days
  3. 3Transitional saving in relation to the Financial Services Tribunal
  4. Signature
  5. Explanatory note

1Citation

This Order may be cited as the Financial Services and Markets Act 2000 (Commencement No. 4 and Transitional Provision) Order 2001.

2Appointed days

(1)

3rd July 2001 is the day appointed for the coming into force of—

(a)

paragraph 6 of Schedule 20 to the Act (amendment of the Tribunals and Inquiries Act 1992f1); and

(b)

section 432(1) of the Act, for the purpose of introducing Schedule 20 to that extent.

(2)

19th July 2001 is the day appointed for the coming into force of paragraphs 7 and 8 of Schedule 1 to the Act (arrangements for the investigation of complaints), for the purpose of enabling the Authority to make the complaints scheme and appoint the investigator.

3Transitional saving in relation to the Financial Services Tribunal

Notwithstanding paragraph 6 of Schedule 20 to the Act, Schedule 1 to the Tribunals and Inquiries Act 1992 (tribunals under supervision of the Council on Tribunals) is to be treated as if it still contained the existing entry relating to financial services and paragraph 18 (which refers to the Financial Services Tribunal established under section 96 of the Financial Services Act 1986f1), for as long as that Tribunal retains functions conferred by or under any enactment.

Signature

Nick Ainger

Graham Stringer

Two of the Lords Commissioners of Her Majesty’s Treasury

2nd July 2001

Explanatory note

(This note is not part of the Order)

This Order brings into force, on 3rd July 2001, provisions of the Financial Services and Markets Act 2000 (“the 2000 Act”) providing for the amendment of Schedule 1 to the Tribunals and Inquiries Act 1992, which specifies those tribunals which are under the supervision of the Council on Tribunals. The amendment replaces the reference to the Financial Services Tribunal (established under the Financial Services Act 1986–“the 1986 Act”) with a reference to the Financial Services and Markets Tribunal (established under the 2000 Act). However, the transitional provision in article 3 provides that the reference to the Financial Services Tribunal remains in effect until that tribunal ceases to have functions conferred by or under any enactment (it will continue to have functions under the 1986 Act until that Act is repealed, as well as certain transitional functions thereafter under the 2000 Act).

This Order also brings into force, on 19th July 2001, paragraphs 7 and 8 of Schedule 1 to the 2000 Act (investigation of complaints against the Authority), for the purpose of enabling the Financial Services Authority to make the complaints scheme and appoint the investigator referred to in those paragraphs.