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Section 192I: Statement of policy relating to directions: procedure

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

Part 12A: Powers exercisable in relation to parent undertakings

Before issuing a statement of policy under section 192H, a regulator ("the issuing regulator") must—

consult the other regulator and , where the issuing regulator is the FCA, the Bank of England, and
publish a draft of the proposed statement in the way appearing to the issuing regulator to be best calculated to bring it to the attention of the public.

The draft must be accompanied by notice that representations about the proposal may be made to the issuing regulator within a specified time.

Before issuing the proposed statement, the issuing regulator must have regard to any representations made to it in accordance with subsection (2).

If the issuing regulator issues the proposed statement it must publish an account, in general terms, of—

the representations made to it in accordance with subsection (2), and
its response to them.

If the statement differs from the draft published under subsection (2) in a way which is, in the opinion of the issuing regulator, significant, the issuing regulator—

must before issuing it consult the other regulator again, and
must (in addition to complying with subsection (4)), publish details of the difference.

The issuing regulator may charge a reasonable fee for providing a person with a draft published under subsection (1)(b).

This section also applies to a proposal to alter or replace a statement.

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.