Financial Services Act 2012

32(1)Section 194 (general grounds on which power of intervention is exercisable) is amended as follows.U.K.

(2)In subsection (1)—

(a)for “Authority”, in each place, substitute “ appropriate regulator ”,

(b)in paragraph (c), for the words from “meet” to the end substitute “advance—

(i)in the case of the FCA, one or more of its operational objectives, and

(ii)in the case of the PRA, any of its objectives.”

(3)After subsection (1A) insert—

“(1B)The appropriate regulator” means—

(a)where the incoming firm is a PRA-authorised person, the FCA or the PRA;

(b)in any other case, the FCA.”

(4)In subsection (3), for “Authority”, in each place, substitute “ FCA ”.