Regulation 2 Power of the Financial Conduct Authority to make rules under section 137A of the Financial Services and Markets Act 2000F2

United Kingdom

(1)

Rules made by F1the 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.

Annotations

Textual amendments

F1: Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 78(b)
F2: Reg. 2 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 78(a)