Financial Services and Markets Act 2000, section 1A

The Financial Conduct Authority

PART 1A The Regulators

(1)The body corporate previously known as the Financial Services Authority is renamed as the Financial Conduct Authority.

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

(3)The FCA is to have the functions conferred on it by or under this Act.

(4)The FCA must comply with the requirements as to its constitution set out in Schedule 1ZA.

(5)Schedule 1ZA also makes provision about the status of the FCA and the exercise of certain of its functions.

(6)References in this Act or any other enactment to functions conferred on the FCA by or under this Act include references to functions conferred on the FCA by or under—

(a)the Insolvency Act 1986,

[F2 (aa)the Pensions Act 2008,F2]

(b)the Banking Act 2009,

(c)the Financial Services Act 2012, F3...

[F4 (cza)the Financial Guidance and Claims Act 2018,F4]

[F5 (czb)the Civil Liability Act 2018,F5]

[F6 (czc)the Financial Services and Markets Act 2023,F6]

[F7 (czd)Chapter 2 of Part 2 of the Pension Schemes Act 2026 (consolidation of small dormant pension pots);F7]

[F8 (ca)the Alternative Investment Fund Managers Regulations 2013, F9...F8]

(d)a [F10 qualifying provisionF10] that is specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

[F11 (e)regulations made by the Treasury under section 8 of the European Union (Withdrawal) Act 2018.F11]

Read section 1A in the full Act → Definitions (6) Cases (3)

Definitions used in section 1A

body corporate

“body corporate” includes a body corporate constituted under the law of a country or territory outside the United Kingdom;

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

“the FCA” means the Financial Conduct Authority;

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

(4) Neither section 2AB(3)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

Defined in Sch.1ZB para.31(4) · see it in the full Act

(2A) The functions referred to in sub-paragraph (1)(a) include functions of the FCA under the Competition Act 1998 or the Enterprise Act 2002 as a result of Part 16A of this Act ; but this sub-paragraph is not to be regarded as limiting the effect of the definition of “functions” in paragraph 1.

Defined in Sch.1ZA para.23(2A) · see it in the full Act

(4) Neither section 1A(6)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

Defined in Sch.1ZA para.23(4) · see it in the full Act
enactment

In this Part “enactment” includes—

(a)an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978;

(b)an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament;

(c)an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales;

(d)an enactment contained in, or in an instrument made under, Northern Ireland legislation.

Defined in s.3T · see it in the full Act
qualifying provision

(1) In this Act “qualifying provision” means a provision of any of the following—

(a) assimilated direct legislation;

(b)technical standards made in accordance with Chapter 2A of Part 9A;

(ba)other subordinate legislation made under assimilated direct legislation;

(c)subordinate legislation ... made by virtue of regulations made under section 8 of the European Union (Withdrawal) Act 2018.

Defined in s.425C(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

Cases considering section 1A (3)

Thomas Ward & Anor v Secretary of State for Business, Energy & Industrial Strategy

[2024] EWCA Civ 482 · 30 April 2024Defines

The judgment identifies the FCA as a body corporate established under section 1A. That institutional status formed part of the analysis of whether the Secretary of State, who brought the later proceedings, was a party or privy to the FCA’s Upper Tribunal proceedings (see para [8]).

Palmeri & Ors v Charles Stanley & Co Ltd

[2020] EWHC 2934 (QB) · 3 November 2020

The judgment identified the Financial Services and Markets Act 2000 as establishing the modern regulatory regime under which investment services were controlled, authorisation was required and regulatory obligations were owed to clients by the authorised firm. (see paras [7], [12])

Property Alliance Group Ltd v The Royal Bank of Scotland Plc

[2015] EWHC 1557 (Ch) · 8 June 2015Defines

Confirms the statutory name and framework of the FCA in its amended form for the purposes of the enforcement process considered by the court (see paras [62]-[63]).

What each judgment says about section 1A is in the case-law panel in the full Act.

Amendments and notes

14 notes from legislation.gov.uk

Amendments

  1. F2S. 1A(6)(aa) inserted (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 41(2), 133(1)(4)(c)(ii) text inserted for certain specified purposes only, see the commentary.
  2. F3Word in s. 1A(6) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 2
  3. F4S. 1A(6)(cza) inserted (1.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 6; S.I. 2018/1029, reg. 2(q)
  4. F5S. 1A(6)(czb) inserted (20.12.2018) by Civil Liability Act 2018 (c. 29), ss. 11(10)(a), 14
  5. F6S. 1A(6)(czc) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 59(2), 86(3); S.I. 2023/779, reg. 4(oo)
  6. F7S. 1A(6)(czd) inserted (29.4.2026) by Pension Schemes Act 2026 (c. 22), ss. 38(2), 133(4)(b) (with s. 35)
  7. F8S. 1A(6)(ca) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 2
  8. F9Word in s. 1A(6)(ca) omitted (26.10.2018) by virtue of The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 7(2)(a)
  9. F10Words in s. 1A(6)(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 3; 2020 c. 1, Sch. 5 para. 1(1)
  10. F11S. 1A(6)(e) and word inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 7(2)(b)

Modifications

  1. C30S. 1A modified (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), regs. 1(2), 63(8) (with regs. 8, 15)
  2. C31S. 1A applied (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), arts. 1(2), 10(2) (with art. 11)
  3. C32S. 1A(3) applied (with modifications) (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 1 para. 2(2)(a) (with art. 3)
  4. C33S. 1A(5) applied (31.5.2021 for specified purposes) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(2)(a)