UNFCOG 1.2 Introduction
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)
makes the statutory objectives relevant to forming policy that governs the discharge of our functions under the Regulations;
- (2)
means that any complaints about the FCA's activities under the Regulations can be referred to the Complaints Commissioner;
- (3)
allows the FCA to make full use of its information disclosure powers;
- (4)
- (5)
protects the FCA against liability in damages in respect of its activities under the Regulations; and
- (6)
allows the FCA to raise fees to fund its activities under the Regulations.
- (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)
Under regulation 14 of the Regulations the FCA has a duty to pass details of these cases to the CMA1.
- (3)
The CMA 1 also publishes details of cases that it, and other qualifying bodies, have dealt with in accordance with the CMA's1 duties under regulation 15 of the Regulations.