The table below identifies the statements of policy which the FCA is required to make under legislation other than the Act.
In each case, references in DEPP to the Act, provisions of the Act and persons regulated under or otherwise subject to the Act are to be read as references to that other legislation, equivalent or otherwise applicable provisions of that other legislation and persons regulated under or otherwise subject to that other legislation, as appropriate.
The FCA’s approach to the exercise of the powers listed in the table below is consistent with the use of powers under the Act and the FCA’s general policy outlined in this guide, unless stated otherwise.
| Legislation | Description | Statement of Policy |
|---|---|---|
| Consumer Credit Act 1974 ( www.legislation.gov.uk/ukpga/1974/39/contents ) | The CCA order gives the FCA the power to enforce the CCA through the application of its investigation and sanctioning powers in the Act by reference to the contravention of CCA requirements and criminal offences under the CCA . | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5B , DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). Power to impose suspension or restriction DEPP 6A.2 and DEPP 6A.4 (relevant factors) and DEPP 6A.3 (regarding length of suspension or restriction). |
| The Regulated Covered Bonds Regulations 2008 ( www.legislation.gov.uk/uksi/2008/346/contents ) | The RCB Regulations provide a framework for issuing covered bonds in the UK . Covered bonds issued under the RCB Regulations are subject to strict quality controls and both bonds and issuers must be registered with the FCA . The RCB Regulations give the FCA powers to enforce these regulations. | Penalty policy DEPP 6.5 to DEPP 6.5D as appropriate, and having regard to other specific matters such as the likely impact of the penalty on the interests of investors in the relevant bonds, as set out in RCB 4.2.5G . Giving warning or decision notices |
| Credit Rating Agencies (CRA) Regulation | The CRA Regulation aims to enhance the integrity, responsibility, good governance and independence of credit rating activities, contributing to the quality of credit ratings issued in the United Kingdom while achieving high levels of investor protection. The CRA Regulation imposes requirements including, among other things, obligations on credit rating agencies relating to their independence and avoidance of conflicts of interest, their methodologies and disclosures. | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5B and DEPP 6.5D (regarding level of a financial penalty). Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of these regulations). |
| The Electronic Money Regulations 2011 ( www.legislation.gov.uk/uksi/2011/99/contents ) | The Electronic Money Regulations impose requirements including, among other things, various provisions regulating the rights and obligations of electronic money institutions. | Penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5D (regarding level of a financial penalty). Suspension powers DEPP 6A . Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of the Electronic Money Regulations ). |
| The Alternative Investment Fund Managers Regulations 2013 ( www.legislation.gov.uk/uksi/2013/1773/contents ) | The AIFMD UK regulation transposed AIFMD and made the necessary changes to UK legislation in relation to the implementation of the Regulation (EU) No 346/2013, the Regulation (EU) No 345/2013, the Regulation (EU) 2015/760 and the Money Market Funds Regulation . | Penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5B , DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of the AIFMD UK regulation ). |
| The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 ( www.legislation.gov.uk/uksi/2013/504/contents ) | The OTC derivatives, CCPs and trade repositories regulation adds to the powers available to the FCA for dealing with breaches of EMIR requirements and sets out information gathering and sanctioning powers enabling the FCA to investigate and take action for breaches of the EMIR requirements by non-authorised counterparties and for certain breaches of the OTC derivatives, CCPs and trade repositories regulation by authorised persons . The FCA has additional powers in relation to trade repositories under the Trade Repositories (EU Exit) Regulations (see below). | Penalty policy The FCA will adopt policies akin to those under the Act . Where the FCA exercises its power to impose a financial penalty under the OTC derivatives, CCPs and trade repositories regulation or the Act for breaches in relation to EMIR , it must publish a statement to that effect unless such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. Sanctioning powers Relevant factors in DEPP 6.2.1G and DEPP 6.4 . Penalty policy |
| The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013 ( www.legislation.gov.uk/uksi/2013/1635/contents ) | The Referral Fees Regulations give the FCA investigation and sanctioning powers in relation to the contravention of the rules against referral fees contained in sections 56 to 60 of the Legal Aid, Sentencing and Punishment of Offenders Act 2012, as well as the contravention of requirements imposed by, or under, the Referral Fees Regulations . | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5B , DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). Power to impose suspension or restriction DEPP 6A.2 and DEPP 6A.4 (relevant factors) and DEPP 6A.3 (regarding length of suspension or restriction). The FCA does not have the power to suspend an authorised person’s permission under the Referral Fees Regulations . |
| The Immigration Act 2014 (Bank Account) Regulations 2014 ( www.legislation.gov.uk/uksi/2014/3085/contents ) | The Immigration Regulations (as amended by the Immigration Act 2014 (Current Accounts) (Excluded Accounts and Notification Requirements) Regulations 2016) give the FCA investigation and sanctioning powers in relation to the contravention of sections 40, 40A, 40B and 40G of the Immigration Act 2014 (as amended by the Immigration Act 2016), as well as the contravention of requirements imposed by, or under, the Immigration Regulations . | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5B , DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). Power to impose suspension or restriction DEPP 6A.2 and DEPP 6A.4 (relevant factors) and DEPP 6A.3 (regarding length of suspension or restriction). |
| The Mortgage Credit Directive Order 2015 ( www.legislation.gov.uk/uksi/2015/910/contents ) | The Mortgage Credit Directive (Directive 2014/17/EU) allowed for an exemption not to apply the directive to buy-to-let lending if there was in place an appropriate framework for the regulation of these mortgages. The Mortgage Credit Directive Order is the vehicle through which the framework for ‘consumer buy-to-let’ mortgages was established in order to comply with the Mortgage Credit Directive. | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 , DEPP 6.5A , DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). Power to impose suspension DEPP 6A.2 and DEPP 6A.4 (relevant factors) and DEPP 6A.3 (regarding length of suspension). |
| The Payment Accounts Regulations 2015 ( www.legislation.gov.uk/uksi/2015/2038/contents ) | The Payment Accounts Regulations (‘the PARs ’) implemented the Payment Accounts Directive. They entitle consumers who hold a payment account (such as a current account) to receive certain information about the fees and charges applied to that account. They also entitle consumers to use a switching service which meets certain minimum standards, if they wish to change their payment account to another provider. | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 , DEPP 6.5A , DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). |
| Securities Financing Transactions Regulation | Supervisory and enforcement functions in respect of trade repositories under the Securities Financing Transactions Regulation were transferred from ESMA to the FCA through the SFTR (EU Exit) Regulations on IP completion day . | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5B and DEPP 6.5D (regarding level of a financial penalty). Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of these regulations). |
| The Small and Medium Sized Business (Credit Information) Regulations 2015 ( www.legislation.gov.uk/uksi/2015/1945/contents ) | The Small and Medium Sized Business (Credit Information) Regulations were made under the Small Business, Enterprise and Employment Act . The Small and Medium Sized Business (Credit Information) Regulations impose a duty on designated banks to provide information about their small and medium sized business customers (with the consent of those businesses) to designated credit reference agencies. | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 , DEPP 6.5A , DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). Power to impose restriction DEPP 6A.2 and DEPP 6A.4 (relevant factors) and DEPP 6A.3 (regarding length of restriction). |
| The Small and Medium Sized Business (Finance Platforms) Regulations 2015 ( www.legislation.gov.uk/uksi/2015/1946/contents ) | The Small and Medium Sized Business (Finance Platforms) Regulations were made under the Small Business, Enterprise and Employment Act . The Small and Medium Sized Business (Finance Platforms) Regulations require designated banks to provide specified information about rejected loan applications made by small and medium sized business customers (with their consent) to designated finance platforms which must then provide such information to finance providers on request. | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 , DEPP 6.5A , DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). Power to impose restriction DEPP 6A.2 and DEPP 6A.4 (relevant factors) and DEPP 6A.3 (regarding length of restriction). |
| The Data Reporting Services Regulations 2017 ( www.legislation.gov.uk/uksi/2017/699/contents ) | The DRS Regulations implemented MiFID . The FCA has investigation and enforcement powers in relation to both criminal and non-criminal breaches of the DRS Regulations (including requirements imposed on persons subject to the DRS Regulations by MiFIR and any onshored regulation which was an EU regulation made under MiFIR or MiFID ). | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5D (regarding level of a financial penalty). Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of the DRS Regulations ). |
| The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 ( www.legislation.gov.uk/uksi/2017/701/contents ) | The MiFI Regulations in part implemented MiFID . The FCA has investigative and enforcement powers in relation to both criminal and non-criminal breaches of the MiFI Regulations (including requirements imposed on persons subject to the MiFI Regulations by MiFIR and any onshored regulation which was an EU regulation made under MiFIR or MiFID ). | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5D (regarding level of a financial penalty). Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of the MiFI Regulations ). |
| The Consumer Composite Investments (Designated Activities) Regulations 2024 (https://www.legislation.gov.uk/ukdsi/2024/9780348264227) | The Consumer Composite Investments Regulations replaces assimilated law repealed by the Financial Services and Markets Act 2023, including the Packaged Retail and Insurance-based Investment Products Regulations 2017. The framework is established under the Designated Activities Regime in Part 5A of the Act and provides the FCA with investigative and enforcement powers. The Consumer Composite Investments Regulations enable the FCA to make rules governing certain activities, including manufacturing, advising on, and offering or selling consumer composite investments to retail investors in the United Kingdom. | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5D (regarding level of a financial penalty). Disciplinary prohibitions and restrictions DEPP 6A when determining whether to impose, vary or withdraw a disciplinary prohibition or restriction under section 206B of the Act. Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of these regulations). |
| The Payment Services Regulations 2017 ( www.legislation.gov.uk/uksi/2017/752/contents ) | The FCA has investigation and sanctioning powers in relation to both criminal and civil breaches of the Payment Services Regulations . [ Note: ENFG App 2.2 sets out the FCA’s general approach to the exercise of powers under the Payment Services Regulations .] | Penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5D (regarding level of a financial penalty). The RDC is the FCA’s decision maker for some of the decisions under the Payment Services Regulations as set out in DEPP 2 Annex 1G . Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of the Payment Services Regulations ). |
| The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 ( www.legislation.gov.uk/uksi/2018/135/contents ) | The UK Benchmarks Regulations 2018 in part implemented the benchmarks regulation (before it was brought into UK law). The FCA has investigative and enforcement powers in relation to both criminal and non-criminal breaches of the UK Benchmarks Regulations 2018 (including requirements imposed on persons subject to the UK Benchmarks Regulations 2018 by the benchmarks regulation and any onshored regulation which was an EU regulation made under the benchmarks regulation ). | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5D (regarding level of a financial penalty). Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of the UK Benchmarks Regulations 2018 ). |
| The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2019 ( www.legislation.gov.uk/uksi/2019/335/contents ) | Supervisory and enforcement functions in respect of trade repositories under EU EMIR were transferred from ESMA to the FCA through the Trade Repositories (EU Exit) Regulations on IP completion day . | Public censure and penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5B and DEPP 6.5D (regarding level of a financial penalty). Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of these regulations). |
| The Proxy Advisors (Shareholders’ Rights) Regulations 2019 ( www.legislation.gov.uk/uksi/2019/926/contents6/made ) | The Proxy Advisors (Shareholders’ Rights) Regulations in part implement the revised Shareholder Rights Directive ( SRD ). The FCA has investigative and sanctioning powers in relation to breaches of the Proxy Advisors (Shareholders’ Rights) Regulations . | Penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5D (regarding level of a financial penalty), in addition to those set out in the Proxy Advisors (Shareholders’ Rights) Regulations , where appropriate. Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of these regulations). |
| The Securitisation Regulations 2024 ( www.legislation.gov.uk/uksi/2024/102/contents ) | The Securitisation Regulations 2024 form part of HM Treasury’s programme to deliver a Smarter Regulatory Framework (SRF) for Financial Services. The Financial Services and Markets Act 2023 (FSMA 2023) repeals assimilated law relating to financial services and replaces it with rules set by regulators within the framework established by Parliament under Part 5A of the Act . The FCA has investigative and enforcement powers in relation to both criminal and non-criminal breaches of the Securitisation Regulations 2024 . The new framework consolidates existing requirements, including those for simple transparent securitisation (STS) and securitisation repositories, and strengthens the legislation on securitisation. | Public censure and penalty policy Procedures in DEPP 6 . Temporary prohibition Factors in DEPP 6A , when determining whether to impose a temporary prohibition and what the length of any temporary prohibition would be. Conduct of interviews in response to overseas requests Procedures in DEPP 7 (as required by section 169 of the Act for the purposes of these regulations). |
| The Public Offers and Admissions to Trading Regulations 2024 (https://www.legislation.gov.uk/uksi/2024/105/contents) | The Public Offers and Admissions to Trading Regulations make provision about the offer of relevant securities to the public and the admission of transferable securities to trading on a regulated market or primary MTF. They replace the regime based on the Prospectus Regulation.
The FCA has investigative and enforcement powers, including in relation to a contravention of a provision of Part VI of the Act, the Public Offers and Admissions to Trading Regulations and rules in respect of designated public offers and admissions to trading regulations activity. | Penalty policy DEPP 6.2 and DEPP 6.4 (relevant factors) and DEPP 6.5 to DEPP 6.5B, DEPP 6.5D and DEPP 6.7 (regarding level of a financial penalty). |
