The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

UK Statutory Instrument 2001 No. 3649 — creates 1 criminal offence.

1offences created

0recorded in force

0revoked

Made: 9 November 2001
In force from: Not determined
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: FINANCIAL SERVICES AND MARKETS The Financial Services and Markets Act 2000, Financial Services and Markets Act 2000

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

(This Note does not form part of the Order) This Order sets out the amendments to primary and secondary legislation consequential on the coming into force of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”). The large majority of the amendments are needed as a result of the principal repeals and revocations made by article 3. All references in other legislation to the enactments repealed here, or to expressions used in those enactments, have been amended in the subsequent provisions of the Order so that they refer to the appropriate provision or expression under FSMA. Part 1 of the Order provides for the Order to come into force on 1st December 2001, the date on which the main provisions of FSMA come into force in accordance with the Financial Services and Markets Act 2000 (Commencement No. 7) Order 2001 (S.I. 2001/3528 (C. 115)). Article 3 repeals the legislation which established the regulatory regimes which are replaced by FSMA. Part 2 of the Order makes amendments to the Companies Acts and the corresponding Northern Ireland Orders. Part 3 amends enactments relating to pensions and the corresponding Northern Ireland provisions. Parts 4 and 5 amend the Bank of England Act 1998 (c. 11) and the Consumer Credit Act 1974 (c. 39) respectively. Part 6 amends primary and secondary legislation relating to mutuals societies. Some of these provisions are consequent upon the dissolution of the bodies referred to in Part III of the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001 (S.I. 2001/2617) and the transfer of their functions to the Financial Services Authority. Schedule 3 to that Order made most of the amendments needed as a result of the dissolution of those bodies but further amendments are included here. A small number of the articles in this Part replaces provisions in Schedule 3 to the Mutual Societies Order by amending provisions which are amended by Schedule 3 and revoking the relevant provisions in that Schedule. Part 7 of the Order amends primary and secondary legislation in Scotland. Part 8 amends other primary legislation not covered elsewhere in the Order and Part 9 amends secondary legislation. Amendments to enactments dealing with taxation are made by the Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629) which also comes into effect on 1 December 2001.

Offences created by this instrument

Penalties under implementing regulations article 340 · Status not determined · Strict liability

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Bank of England and Financial Services Bill [HL] Lords · Lords Chamber · 15 December 2015 · Lord Ashton of Hyde
My Lords, the amendments in this group are being made to correct an error made in the National Savings Regulations 2015. Those regulations revoked a number of statutory instruments with effect from 6 April 2015. By mistake, these included the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, which I will refer to as the 2001 order. The 2001 order, which was revoked, was used to make most of the consequential amendments and repeals that were required to give effect to the Financial Services and Markets Act 2000. It amended a range of primary and…
Bank of England and Financial Services Bill [HL] Lords · Lords Chamber · 15 December 2015
30: Clause 32, page 29, line 22, at end insert— “() section (Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001);”
Bank of England and Financial Services Bill [HL] Lords · Lords Chamber · 15 December 2015
27: After Clause 28, insert the following new Clause— “Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (1) The revocation of the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649) by the National Savings Regulations 2015 (S.I. 2015/623) is to be treated as never having had effect. (2) Accordingly, in the Schedule to those regulations, omit the entry for that order.”
Bank of England and Financial Services Bill [Lords] (Fifth sitting) Commons · Public Bill Committees · 23 February 2016 · Harriett Baldwin
For the benefit of the Committee, I will highlight each of the clauses as I go through them, while grouping my speaking notes. Clause 27 also supports the effective operation of the FCA’s regime by amending section 27 of the 2000 Act, which deals with agreements made through unauthorised persons, to ensure that it has a proportionate effect on consumer credit and consumer hire providers. Section 27(1) of that Act provides that an agreement made by an authorised person carrying on a regulated activity is unenforceable when it is made in consequence of something said or done by a third party…

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