Financial Services and Markets Act 2000, section 133A

Proceedings before Tribunal: decision and supervisory notices, etc

Part IX Hearings and Appeals

(1)In determining [F1025 in accordance with section 133(5)F1025] a reference made (whether under this or any other Act) as a result of a decision notice [F1026 given by a body, the Tribunal may not direct the body to take action which it wouldF1026] not, as a result of section 388(2), have had power to take when giving the notice.

F1027 (2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1028 (3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)[F1029 The action specified in a decision notice must not be taken—F1029]

(a)during the period within which the matter to which the notice relates may be referred to the Tribunal (whether under this or any other Act); and

(b)if the matter is so referred, until the reference, and any appeal against the Tribunal's determination, has been finally disposed of.

(5)The Tribunal may, on determining a reference (whether made under this or any other Act) in respect of a decision of [F1030 the FCA or the PRAF1030] , make recommendations as to [F1031 itsF1031] regulating provisions or its procedures.

Read section 133A in the full Act → Definitions (5) Cases (5)

Definitions used in section 133A

the Tribunal

“the Tribunal” means the Upper Tribunal;

Defined in s.417(1) · see it in the full Act
Specified

(5) “Specified” means specified in an order made by the Treasury.

Defined in s.22(5) · see it in the full Act
the FCA

(2) The Financial Conduct Authority is in this Act referred to as “the FCA”.

Defined in s.1A(2) · see it in the full Act

“the FCA” means the Financial Conduct Authority;

Defined in s.417(1) · see it in the full Act
the PRA

“the PRA” means the Prudential Regulation Authority;

Defined in s.417(1) · see it in the full Act
regulating provisions

“regulating provisions” has the meaning given in section 140A ;

Defined in s.417(1) · see it in the full Act

Cases considering section 133A (5)

The Financial Conduct Authority v Thomas Seiler & Anor

[2024] EWCA Civ 852 · 30 July 2024

The judgment relies on section 133A(5) as showing that the Tribunal may make recommendations about the Authority’s future regulatory provisions or procedures, supporting the conclusion that the proceedings are not ordinary civil litigation. (see para [51])

The Financial Conduct Authority v BlueCrest Capital Management

[2024] EWCA Civ 1125 · 2 October 2024Limits

Restricts the Tribunal from directing action which the FCA could not take because it falls outside the Part governing the action proposed in the warning notice (see para [128]).

Bluecrest Capital Management (UK) LLP v The Financial Conduct Authority

[2023] UKUT 140 (TCC) · 21 June 2023Limits

Confirms that, on a reference arising from a decision notice, the Tribunal cannot direct action which the Authority lacked power to take when giving the notice. (see para [49])

What each judgment says about section 133A is in the case-law panel in the full Act.

Amendments and notes

14 notes from legislation.gov.uk

Amendments

  1. F1024Ss. 133-133B substituted (6.4.2010) for s. 133 by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), arts. 1(2)(e), 5(1), Sch. 2 para. 45
  2. F1025Words in s. 133A(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(a)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  3. F1026Words in s. 133A(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(a)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  4. F1027S. 133A(2) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 23(3)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  5. F1028S. 133A(3) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 23(3)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  6. F1029Words in s. 133A(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  7. F1030Words in s. 133A(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(d)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  8. F1031Word in s. 133A(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 23(3)(d)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications

  1. C384Ss. 133-133B applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 1
  2. C389S. 133A modified by S.I. 2002/1775 reg. 12(4) (as amended) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 77(7)(b)
  3. C390S. 133A applied (with modifications) (10.6.2019) by The Proxy Advisors (Shareholders Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 20, 21
  4. C391S. 133A applied (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 16(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
  5. C392S. 133A applied (31.5.2021) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(3)(b)
  6. C393S. 133A(1) applied (with modifications) (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013 (S.I. 2013/442), arts. 1(3), 12(3), 13(3)