The regulators must co-ordinate the exercise of their respective functions conferred by or under this Act with a view to ensuring—
that each regulator consults the other regulator (where not otherwise required to do so) in connection with any proposed exercise of a function in a way that may have a material adverse effect on the advancement by the other regulator of any of its objectives;
that where appropriate each regulator obtains information and advice from the other regulator in connection with the exercise of its functions in relation to matters of common regulatory interest in cases where the other regulator may be expected to have relevant information or relevant expertise;
that where either regulator exercises functions in relation to matters of common regulatory interest, both regulators comply with their respective duties under section 1B(5)(a) or 2H(1)(a), so far as relating to the regulatory principles in section 3B(1)(a) and (b).
The duty in subsection (1) applies only to the extent that compliance with the duty—
is compatible with the advancement by each regulator of any of its objectives, and
does not impose a burden on the regulators that is disproportionate to the benefits of compliance.
A function conferred on either regulator by or under this Act relates to matters of common regulatory interest if—
the other regulator exercises similar or related functions in relation to the same persons,
the other regulator exercises functions which relate to different persons but relate to similar subject-matter, or
its exercise could affect the advancement by the other regulator of any of its objectives.
In this section, "objectives"—
in relation to the FCA means—
operational objectives , or the purpose for which the FCA must exercise its functions under Part 8B (see section 131U(1)), and
in its application as a secondary objective, the competitiveness and growth objective (see section 1EB), and
in relation to the PRA means—
the PRA's objectives, and
in their application as secondary objectives, the competition objective and competitiveness and growth objective (see section 2H).
Where a regulator is proposing to exercise a function that is not one of its general functions, the reference to "objectives" in subsection (1)(a) does not include the secondary objectives mentioned in subsection (4)(a)(ii) and (b)(ii).
In this section, "general functions"—
in relation to the FCA, has the same meaning as in section 1B(6), and
in relation to the PRA, has the same meaning as in section 2J(1).