UK Act of Parliament
2021
United Kingdom
Financial Services Act 2021
At a glance
Enforced by
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 208 other Schedules — structural / supplementary
In Article 49(6) (requirement for deduction where consolidation, supplementary supervision...
(1) Article 81(1)(a) (minority interests that qualify for inclusion in...
(1) Article 82(a) (Qualifying Additional Tier 1, Tier 1, Tier...
(1) Article 84 (minority interests included in consolidated Common Equity...
(1) Article 85 (qualifying Tier 1 instruments included in consolidated...
(1) Article 87 (qualifying own funds included in consolidated own...
In Article 93 (initial capital requirement on going concern)—
Omit Article 95 (own funds requirements for investment firms with...
Omit Article 96 (own funds requirements for IFPRU 730k firms)....
Omit Article 97 (own funds based on fixed overheads).
(1) Article 4(1) (definitions) is amended as follows.
Omit Article 98 (own funds for investment firms on a...
In Article 100 (additional reporting requirements), in the second subparagraph,...
In Article 115(2) (exposures to regional governments or local authorities),...
In Article 119 (exposures to institutions), after paragraph 5 insert—...
(1) Article 136 (mapping of ECAI's credit assessments) is amended...
In Article 162(3) (maturity), in the second subparagraph, in point...
(1) Article 197 (eligibility of collateral under all approaches and...
In Article 199(8) (additional eligibility for collateral under the IRB...
In Article 200 (other funded credit protection), for point (c)...
In Article 202 (eligibility of protection providers under the IRB...
(1) Article 4A (definitions: regulators' rules) is amended as follows....
In Article 224(6) (supervisory volatility adjustment under Financial Collateral Comprehensive...
In Article 227(3) (conditions for applying 0% volatility adjustment under...
In Article 243(1) (criteria for STS securitisations qualifying for differentiated...
(1) Article 270e (securitisation mapping) is amended as follows.
In Article 290(3) (stress testing), for the words from “the...
(1) Article 304(5) (treatment of clearing members' exposure to clients)...
(1) Article 325u(5) (own funds requirements for residual risks) is...
(1) Article 325az (alternative internal model approach and permission to...
(1) Article 325bk(3) (calculation of stress scenario risk measure) is...
In Article 382(4) (scope of own funds requirements for CVA...
For Article 4B substitute— Article 4B The consolidating supervisor The...
(1) Article 441(2) (indicators of global systemic importance) is amended...
In Article 450(1)(d) (remuneration policy) omit “19A.3.44R to 44DR and”....
In Article 456(1) (regulations modifying this Regulation) omit points (f)...
(1) Article 464B (power to make technical standards) is amended...
In Article 522(1)(b) (savings provisions: pre-exit decisions)—
In Annex 1 (classification of off-balance sheet items), in point...
(1) Annex 3 (items subject to supplementary reporting of liquid...
In the following provisions, for “FCA and PRA may each”...
The Capital Requirements (Country-by-Country Reporting) Regulations 2013 (S.I. 2013/3118) are...
(1) Regulation 1(2) (interpretation) is amended as follows.
Before Article 11 (and the Section and Chapter headings before...
In regulation 1, after paragraph (2) insert—
In regulation 1(3) (interpretation of references to EU legislation), for...
(1) Regulation 2 (ongoing reporting obligation) is amended as follows....
In regulation 3(1) (interim reporting obligation), after “Institutions” insert “...
(1) Regulation 4 (group disclosure) is amended as follows.
(1) Regulation 5 (prior disclosure: prevention of duplication) is amended...
In regulation 6(2) (enforcement)— (a) in sub-paragraph (a) omit “which...
Omit Article 15 (derogation from the application of own funds...
Omit Article 16 (derogation from the application of the leverage...
Omit Article 17 (supervision of investment firms waived from the...
In Article 47c(5) (deduction for non-performing exposures), omit “and the...
In the Financial Services and Markets Act 2000, after Part...
After section 177 insert— Interpretation Interpretation of Part 11 In this Part— “FCA investment firm” has the meaning given...
In section 347(1)(g) (record of authorised persons etc), after “order”...
In section 391(1ZB) (publication of warning notices), after paragraph (ia)...
In section 392 (application of third party rights to notices)—...
In section 395(13) (meaning of supervisory notice), after paragraph (bba)...
(1) Section 417(1) (definitions) is amended as follows.
In section 424A(1) (investment firm), after “this Act” insert “...
(1) Section 429 (parliamentary control of statutory instruments) is amended...
In paragraph 20(4) of Schedule 1ZA (enforcement costs), after paragraph...
(1) The Financial Conduct Authority may identify general rules made...
The Financial Services and Markets Act 2000 is amended as...
(1) In relation to Part 9C rules, the requirements of...
For the purposes of section 143G of the Financial Services...
In relation to the making of Part 9C rules that...
In this Part of this Schedule, “Part 9C rules” has...
In section 133(7A) (proceedings before the Tribunal: meaning of “disciplinary...
In section 137A (the FCA's general rules), at the end...
In section 165(7) (regulators' power to require information), after paragraph...
(1) Section 166 (regulators' power to require reports by skilled...
(1) Section 167 (regulators' power to appoint investigators) is amended...
(1) In section 168(4), after paragraph (i) insert—
(1) Section 176 (entry of premises under warrant) is amended...
In the Financial Services and Markets Act 2000, after Part...
The Financial Services and Markets Act 2000 is amended as...
In section 137G (the PRA's general rules), at the end...
In section 138J(10) (consultation by the PRA), for “section 138L”...
In section 138K (consultation: mutual societies), at the end insert—...
(1) Section 192O (interpretation of Part 12B) is amended as...
In section 192R(3) (grant of approval)— (a) in paragraph (a)...
(1) Section 192T (measures) is amended as follows.
In section 192Y(1) (power to impose penalty or issue censure)—...
In section 417(1) (definitions), at the appropriate place, insert— “CRR...
In section 429(2) (parliamentary control of statutory instruments: affirmative procedure),...
Part 12B of the Financial Services and Markets Act 2000...
The Capital Requirements Regulations 2013 (meaning of “permission” etc) is...
In regulation 2(1), in the definition of “appropriate regulator”, at...
(1) Regulation 39 (meaning of “permission” etc) is amended as...
(1) In relation to general rules that are CRR rules,...
For the purposes of section 144C of the Financial Services...
In relation to the making of CRR rules or section...
(1) Rules made by the Prudential Regulation Authority under section...
In this Part of this Schedule— “CRR rules” has the...
Before section 192O insert— “ Interpretation ”.
(1) Section 192O(1) (interpretation) is amended as follows.
Before section 192P insert— “ Approval ”.
Omit section 192V (rules imposing consolidated or sub-consolidated requirements).
After section 192X insert— Rules Rules applying to holding companies...
In section 192Y(1) (power to impose penalty or issue censure),...
(1) Section 9H of the Bank of England Act 1998...
The Capital Requirements Regulation is amended as follows.
In Article 299(2) (items in the trading book), omit point...
In Article 384(1) (standardised method), in the definition of “EADitotal”—...
(1) Article 500d (temporary calculation of exposure value of regular-way...
(1) Annex 2 (types of derivatives) is amended as follows....
In Article 4A(1)(a) (definitions: references to PRA rulebook), for “as...
In Article 92(3) (own funds requirements), for points (b) and...
In Article 107(3) (approaches to credit risk), for “third-country investment...
In Article 144(1)(g) (competent authorities' assessment of an application to...
In Article 201(1) (eligibility of protection providers under all approaches),...
(1) Article 223 (Financial Collateral Comprehensive Method) is amended as...
In Article 283 (permission to use the Internal Model Method),...
For Article 298 substitute— Article 298 Effects of recognition of...
The Benchmarks Regulation is amended as follows.
In Article 36(1) (register of administrators and benchmarks), after point...
After Article 48 insert— TITLE 6A PROVISION OF INFORMATION AND...
(1) Article 3(1) (definitions) is amended as follows.
In Article 3, after paragraph 1 insert— References in this Regulation to the capability of a benchmark...
In Article 11 (input data), after paragraph 4 insert— In the case of a critical benchmark, paragraph 4 does...
In Article A20(5)(b) (review of critical benchmarks), for “determines” substitute...
(1) Article 20 (critical benchmarks: conditions and other matters) is...
In Article 21(3) (mandatory administration of a critical benchmark), in...
After Article 26 insert— CHAPTER 7 COMPLIANCE WITH REQUIREMENTS Article...
In Article 29 (use of a benchmark), after paragraph 1...
After Schedule 2 to the Financial Services and Markets Act...
After Schedule 2A to the Financial Services and Markets Act...
The Financial Services and Markets Act 2000 is amended as...
After section 367 insert— Winding-up petitions: Gibraltar-based persons (1) A regulator may not present a petition to the...
(1) Section 392 (application of sections 393 and 394: warning...
(1) Section 395 (the FCA's and PRA's procedures) is amended...
Omit section 409 (Gibraltar).
In section 417(1) (definitions), at the appropriate places insert— “Gibraltar-based...
In section 418 (carrying on regulated activities in the United...
(1) Section 429 (parliamentary control of statutory instruments) is amended...
In paragraph 24 of Schedule 1ZA (services for which the...
In paragraph 32 of Schedule 1ZB (services for which the...
The Financial Services and Markets Act 2000 (Gibraltar) Order 2001...
In section 3A(3)(a) (expressions in which general definition of “regulator”...
(1) The Subsidy Control Act 2022 is amended as follows....
In section 33(1)(a) (withdrawal of authorisation), after “permission” insert “...
In Part 5 (performance of regulated activities), after section 71I...
After section 137A insert— The FCA's general rules: Gibraltar (1) The FCA's general rules may not make provision prohibiting...
After section 137G insert— The PRA's general rules: Gibraltar (1) The PRA's general rules may not make provision prohibiting...
In section 213 (the compensation scheme), after subsection (9) insert—...
In section 214 (provisions of the compensation scheme: general), before...
In section 224 (scheme manager's power to inspect documents held...
In Chapter 5 of Part 17 of the Financial Services...
In regulation 57 (marketing of third country AIFs by full-scope...
In regulation 58(1) (marketing of AIFs managed by small third...
In regulation 59 (marketing of AIFs managed by other third...
Part 6 of the Collective Investment Schemes (Amendment etc.) (EU...
In regulation 62(3) (end of temporary recognition)—
In regulation 67 (power to extend the period for temporary...
After regulation 67 insert— Applications under section 271A of the...
The Financial Services and Markets Act 2000 is amended as...
In section 138I (consultation by the FCA), after subsection (9)...
(1) Section 165 (regulators' powers to require information) is amended...
In section 237(2) (Part 17 definitions), in the definition of...
In section 392 (application of third party rights to notices)—...
In section 395(13) (meaning of supervisory notice), before paragraph (f)...
In section 429(2) (regulations subject to affirmative procedure), after “262,”...
Part 6 of the Alternative Investment Fund Managers Regulations 2013...
The Markets in Financial Instruments Regulation is amended as follows....
In the heading of Title 9, after “DIRECTIONS” insert “...
In the heading of Article 50B (FCA Directions), at the...
After that Article insert— Article 50C Other FCA directions A direction by the FCA under Article 46(4) may make...
The requirements of section 138I of the Financial Services and...
Omit Article 54 (transitional provisions).
In Article 1 (subject matter and scope), after paragraph 4...
In Article 2(1) (definitions), after point (61) insert—
In the heading of Title 8, for “DECISION” substitute “...
(1) Article 46 (general provision about provision of services etc...
(1) Article 47 (equivalence determination) is amended as follows.
After Article 48 insert— Article 48A Requirements The Treasury may by regulations impose requirements on third-country firms...
(1) Article 49 (withdrawal of registration) is amended as follows....
After Article 49 insert— Article 49A Temporary prohibitions and restrictions:...
The Financial Services and Markets Act 2000 is amended as...
After section 55J insert— Variation or cancellation on initiative of...
After Schedule 6 insert— SCHEDULE 6A Variation or cancellation of...
In section 133 (proceedings before Tribunal: general provision), after subsection...
In section 392 (application of sections 393 and 394)—
Schedule 1 to the Anti-terrorism, Crime and Security Act 2001...
Part 5 of the Proceeds of Crime Act 2002 (civil...
Chapter 3B (forfeiture of money held in bank and building...
In the Chapter heading, for “bank and building society” substitute...
In the italic heading before section 303Z1, for “bank and...
(1) Section 303Z1 (application for account freezing order) is amended...
In section 303Z2(3) (restrictions on making of application under section...
In section 303Z6(1), for “bank or building society” substitute “...
In section 303Z8(4), for “bank or building society” substitute “...
In section 303Z9(6)(b) (account forfeiture notice: England and Wales and...
(1) Section 303Z11 (lapse of account forfeiture notice) is amended...
Part 4B (forfeiture of terrorist money held in bank and...
In section 303Z14(7)(a) (forfeiture order), for “bank or building society”...
In section 316(1) (general interpretation of Part 5), at the...
In the Part heading, for “bank and building society” substitute...
(1) Paragraph 10Q (application for account freezing order) is amended...
In paragraph 10V(1) (restriction on proceedings and remedies), for “bank...
In paragraph 10W(6)(b) (account forfeiture notice), for “bank or building...
(1) Paragraph 10Y (lapse of account forfeiture notice) is amended...
In paragraph 10Z2(7)(a) (forfeiture order), for “bank or building society”...
In Part 6 (interpretation), in paragraph 19(1), at the appropriate...
Browse 50 other sections — procedural / definitional / commencement
Exclusion of certain investment firms from the Capital Requirements Regulation
Prudential regulation of certain investment firms by FCA rules
Transfer of certain prudential regulation matters into PRA rules
CRR Basel standards
Prudential regulation of credit institutions etc by PRA rules
Power to amend the Credit Rating Agencies Regulation
Amendments of the Capital Requirements Regulation
Review of which benchmarks are critical benchmarks
Mandatory administration of a critical benchmark
Prohibition on new use where administrator to cease providing critical benchmark
Assessment of representativeness of critical benchmarks
Mandatory contribution to critical benchmarks
Designation of certain critical benchmarks
Use of Article 23A benchmarks
Orderly cessation of Article 23A benchmarks
Review of exercise of powers under Article 23D
Policy statements relating to critical benchmarks
Critical benchmarks provided for different currencies etc
Changes to and cessation of a benchmark
Extension of transitional period for benchmarks with non-UK administrators
Benchmarks: minor and consequential amendments
Regulated activities and Gibraltar
Power to make provision about Gibraltar
Collective investment schemes authorised in approved countries
Individually recognised overseas collective investment schemes
Money market funds authorised in approved countries
Provision of investment services etc in the UK
Part 4A permissions: variation or cancellation on initiative of FCA
FCA rules about level of care provided to consumers by authorised persons
Insider lists and managers' transactions
Maximum sentences for insider dealing and financial services offences
Money laundering offences: electronic money institutions, payment institutions and deposit-taking bodies
Forfeiture of money: electronic money institutions and payment institutions
Application of money laundering regulations to overseas trustees
Debt respite scheme
Successor accounts for Help-to-Save savers
Regulated activities and application of Consumer Credit Act 1974
Amendments of the PRIIPs Regulation etc
Retention of personal data under the Market Abuse Regulation
Over the counter derivatives: clearing and procedures for reporting
Regulations about financial collateral arrangements
Appointment of chief executive of FCA
Subordinate legislation made under retained direct EU legislation
Payment services and the provision of cash
Power to make consequential provision
Regulations
Interpretation
Extent
Commencement and transitional provision
Short title
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
FCA
PrimaryFinancial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
The Insolvency Service
Administers compulsory company liquidations and personal bankruptcies. Investigates director misconduct and can seek disqualification orders. Manages redundancy payments from the National Insurance …
Prudential Regulation Authority
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …
Connected legislation
8 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (8)
- The Benchmarks (Provision of Information and Documents) (Amendment) Regulations 2021 2021
- The Benchmarks (Provision of Information and Documents) Regulations 2021 2021
- The Critical Benchmarks Regulations 2024 2024
- The Financial Services Act 2021 (Commencement No. 4) Regulations 2022 2022
- The Financial Services Act 2021 (Commencement No. 5) Regulations 2023 2023
- The Financial Services Act 2021 (Overseas Funds Regime and Recognition of Parts of Schemes) (Amendment and Modification) Regulations 2024 2024
- The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 2022
- The Packaged Retail and Insurance-based Investment Products (UCITS Exemption) (Amendment) Regulations 2021 2021
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