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Section 191A: Objection by the appropriate regulator

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part XII: Control Over Authorised Persons

The appropriate regulator may object to a person's control over a UK authorised person in any of the circumstances specified in subsection (2).

The circumstances are that the appropriate regulator reasonably believes that—

the person acquired or increased control without giving notice under section 178(1) in circumstances where notice was required;
the person is in breach of a condition imposed under section 187; or
there are grounds for objecting to control on the basis of the matters in section 186.

The appropriate regulator—

must take into account whether influence exercised by the person is likely to operate to the detriment of the sound and prudent management of the UK authorised person; and
may take into account whether the person has co-operated with any information requests made or requirements imposed by the appropriate regulator.

If the appropriate regulator proposes to object to a person's control over a UK authorised person, it must give that person a warning notice.

Where the appropriate regulator is the PRA, it must consult the FCA before giving a warning notice under this section.

Where the appropriate regulator is the FCA, it must consult the PRA before giving a warning notice under this section if—

the UK authorised person has as a member of its immediate group a PRA-authorised person, or
the person to whom the warning notice is to be given is a PRA-authorised person.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If the appropriate regulator decides to object to a person's control over a UK authorised person, it must give that person a decision notice.

A person to whom the appropriate regulator gives a decision notice under this section may refer the matter to the Tribunal.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.