Financial Services and Markets Act 2000, section 55Z3

Right to refer matters to the Tribunal

PART 4A Permission to carry on regulated activities

(1)An applicant who is aggrieved by the determination of an application made under this Part may refer the matter to the Tribunal.

(2)An authorised person who is aggrieved by the exercise by either regulator of its own-initiative variation power or its own-initiative requirement power may refer the matter to the Tribunal.

[F317 (2A)An authorised person who is aggrieved by the exercise by the FCA of its power under section 55NA(5)(b) may refer the matter to the Tribunal.F317]

[F318 (3)Where there is a review under section 55XA(3) of a determination within section 55XA(1), subsection (1) applies only in relation to the determination made on the review.F318]

Read section 55Z3 in the full Act → Definitions (6) Cases (5)

Definitions used in section 55Z3

the Tribunal

“the Tribunal” means the Upper Tribunal;

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

“authorised person” has the meaning given in section 31(2);

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

(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.

Defined in s.31(2) · see it in the full Act
regulator

“regulator” has the meaning given in section 3A(2);

Defined in s.417(1) · see it in the full Act
own-initiative variation power

“own-initiative variation power”, in relation to the FCA or the PRA, is to be read in accordance with section 55J(12).

Defined in s.55Z4 · see it in the full Act
own-initiative requirement power

“own-initiative requirement power”, in relation to the FCA or the PRA, is to be read in accordance with section 55L(4) or 55M(4);

Defined in s.55Z4 · 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

Cases considering section 55Z3 (5)

The Financial Conduct Authority v BlueCrest Capital Management

[2024] EWCA Civ 1125 · 2 October 2024Interprets

The authorised person may refer “the matter” arising from exercise of the FCA’s own-initiative variation or requirement power. The expression denotes more than the decision itself (see paras [123]; [177]-[203]).

Saranac Partners Limited v The Financial Conduct Authority

[2024] UKUT 254 (TCC) · 27 August 2024Interprets

Section 55Z3(1) was interpreted to identify the matter referred: whether the Authority could be satisfied that the candidate was fit and proper. This allowed consideration of later evidence bearing on honesty and integrity. (see paras [252]-[256])

EAK Group Ltd v The Financial Conduct Authority

[2025] UKUT 82 (TCC) · 10 March 2025

Confirms the applicant’s right to refer an adverse FCA decision to the Tribunal. The applicant exercised that right in relation to the refusal of authorisation (see para [11]).

What each judgment says about section 55Z3 is in the case-law panel in the full Act.

Amendments and notes

10 notes from legislation.gov.uk

Amendments

  1. F317S. 55Z3(2A) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 12 (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
  2. F318S. 55Z3(3) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(11)

Modifications

  1. C206S. 55Z3 excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 34(3), 36(3), 38(4), 40(3), 42(3)
  2. C207S. 55Z3 applied (with modifications) (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), art. 1(2), Sch. para. 7 (with art. 11)
  3. C208S. 55Z3(1) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 46(4)
  4. C209S. 55Z3(1) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 42(3)
  5. C210S. 55Z3(1) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 44(3)
  6. C211S. 55Z3(2) applied by S.I. 2013/1773, reg. 22(4) (as substituted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(3))(as amended by S.I. 2014/1313, arts. 1, 2(a))
  7. C212S. 55Z3(2) applied by S.I. 2013/1773, reg. 75(8) (as added) (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(7)(e) (as amended by S.I. 2014/1313, arts. 1, 2(a))
  8. C213S. 55Z3(2) applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 19(6) (with Pt. 4)