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Section 318: Exercise of powers through Council.

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

Part XIX: Lloyd's

A regulator may give a direction under this subsection to the Council or to the Society (acting through the Council) or to both.

A direction under subsection (1) is one given to the body concerned—

in relation to the exercise of its powers generally with a view to achieving, or in support of, a specified objective; or
in relation to the exercise of a specified power which it has, whether in a specified manner or with a view to achieving, or in support of, a specified objective.

"Specified" means specified in the direction.

A direction under subsection (1)—

may be given by the FCA only if it considers that giving the direction is necessary or expedient for the purpose of advancing one or more of its operational objectives, and
may be given by the PRA only if it considers that giving the direction is necessary or expedient for the purpose of advancing its general objective or (if section 2C applies) the insurance objective.

A direction under subsection (1) may be given—

instead of giving a direction under section 316(1); or
if the regulator concerned considers it necessary or expedient to do so, at the same time as, or following, the giving of such a direction.

A direction may also be given under subsection (1) in respect of underwriting agents as if they were among the persons mentioned in section 316(1).

A direction under this section—

does not, at any time, prevent the exercise by a regulator of any of its powers;
must be in writing.

A direction under subsection (1) given by a regulator must be published in the way appearing to the regulator to be best calculated to bring it to the attention of the public.

A regulator who gives a direction under subsection (1) may charge a reasonable fee for providing a person with a copy of the direction.

A regulator who gives a direction under subsection (1) must, without delay, give the Treasury a copy of the direction.

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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.