# The Financial Services and Markets Act 2000 (Fourth Motor Insurance Directive) Regulations 2002, Regulation 2: Power of the Financial Conduct Authority to make rules under section 137A of the Financial Services and Markets Act 2000

Extent: E+W+S+N.I.

(1) Rules made by the Financial Conduct Authority under section 137A of the Financial Services and Markets Act 2000 (“the 2000 Act”) (The FCA’s general rules) may require a relevant authorised person to pay interest in specified circumstances in respect of claims made for compensation.
(2) In paragraph (1)—
(a) “relevant authorised person” means an authorised person with a Part IV permission (within the meaning of the 2000 Act)—
(i) to effect or carry out relevant contracts of insurance; or
(ii) to manage the underwriting capacity of a Lloyd’s syndicate as a managing agent, the members of which effect or carry out relevant contracts of insurance underwritten at Lloyd’s;
where a “relevant contract of insurance” means a contract of insurance against damage arising out of or in connection with the use of motor vehicles on land (other than carrier’s liability);
(b) “specified” means specified in the rules.
(3) Rules made pursuant to paragraph (1) may not come into force before 19th January 2003.

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Source: https://www.legislation.gov.uk/uksi/2002/2706/regulation/2 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-fourth-motor-insurance-directive-regulations-2002/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.