Section 131Z2 Exclusion and modification of other FCA dutiesF1

(1)

Where the FCA is discharging a function under this Part, section 1B (FCA’s general duties) applies as if—

(a)

in subsection (1)(b), the reference to one or more of the FCA’s operational objectives were to the purpose mentioned in section 131U (1);

(b)

subsections (4) and (4A) (promoting effective competition in the interests of consumers and advancing competitiveness and growth) do not apply.

(2)

In discharging its functions under this Part, the regulatory principles in section 3B(1) have effect as if, in paragraph (g), the reference to the FCA’s objectives included the purpose mentioned in section 131U (1).

(3)

Section 395 applies in relation to a decision of the FCA made in connection with a function under this Part as if, in subsection (3)(a), the reference to the FCA’s operational objectives included the purpose mentioned in section 131U (1).

Annotations

Textual amendments

F1: Pt. 8B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 1