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UNFCOG 1.2 Introduction


This Guide explains the FCA's formal powers under the Regulations. It does not contain comprehensive guidance on the Regulations themselves, and you should refer to those Regulations for further details.


This Guide also provides guidance on the approach we take before considering whether to exercise our formal powers under the Regulations.


The FCA has powers as a qualifying body under the Regulations. The Regulations are not made under the Act, but, under the Regulations our functions are treated as functions under the Act. This:

  1. (1)

    makes the statutory objectives relevant to forming policy that governs the discharge of our functions under the Regulations;

  2. (2)

    means that any complaints about the FCA's activities under the Regulations can be referred to the Complaints Commissioner;

  3. (3)

    allows the FCA to make full use of its information disclosure powers;

  4. (4)

    allows the FCA to use its power to give guidance;

  5. (5)

    protects the FCA against liability in damages in respect of its activities under the Regulations; and

  6. (6)

    allows the FCA to raise fees to fund its activities under the Regulations.

  1. (1)

    As such, we publish on our website details of cases that result in a change in the contract terms used by the firm. This may happen through either an undertaking by a firm or injunction obtained from the courts.

  2. (2)

    Under regulation 14 of the Regulations the FCA has a duty to pass details of these cases to the OFT.

  3. (3)

    The OFT also publishes details of cases that it, and other qualifying bodies, have dealt with in accordance with the OFT's duties under regulation 15 of the Regulations.