Section 234J: The FCA's functions under the Competition Act 1998, Financial Services and Markets Act 2000

The functions to which this subsection applies are to be concurrent functions of the FCA and the CMA.

Subsection (1) applies to the functions of the CMA under the provisions of Part 1 of the Competition Act 1998, so far as relating to any of the following that relate to the provision of financial services or relate to the provision of claims management services in Great Britain—

agreements, decisions or concerted practices of the kind mentioned in section 2(1) of that Act,

conduct of the kind mentioned in section 18(1) of that Act, and

transferred EU anti-trust commitments or transferred EU anti-trust directions (as defined in section 40ZA of that Act).

But subsection (1) does not apply to functions under the following provisions of that Act—

section 31D(1) to (6) (duty to publish guidance);
section 35C (statement of policy in relation to functions under sections 31E, 34 and 35A);
section 38(1) to (6) (duty to publish guidance about penalties);
section 40B(1) to (4) (duty to publish statement of policy on penalties);
section 51 (rules).

So far as necessary for the purposes of, or in connection with, the provisions of subsections (1) and (2), references to the CMA in Part 1 of the Competition Act 1998 (including references in provisions of the Enterprise Act 2002 applied by that Part) are to be read as including references to the FCA.

But subsection (4) does not apply—

in relation to sections 31D(1) to (6) , 35C, 38(1) to (6), 40B(1) to (4), 51, 52(6) and (8) and 54 of that Act, or

where the context otherwise requires.

In making any decision, or otherwise taking action, for the purposes of any of its functions that—

by virtue of this section, are functions exercisable concurrently with the CMA, and

are functions within Schedule 4A to the Enterprise and Regulatory Reform Act 2013 by virtue of paragraph 5 of that Schedule,

the FCA must have regard to the need for making a decision, or taking action, as soon as reasonably practicable.

Section 234J: The FCA's functions under the Competition Act 1998

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