Investigation powers: ‘The new regime’

DOIhttps://doi.org/10.1108/eb025046
Pages228-236
Date01 March 2000
Published date01 March 2000
AuthorJohn Virgo,Philip Ryley
Subject MatterAccounting & finance
Journal of Financial Regulation and Compliance Volume 8 Number 3
Investigation powers: 'The new regime'
John Virgo* and Philip Ryley
Received (in revised form) 8th August, 2000
Guildhall Chambers, 22-26 Broad Street, Bristol BS1 2HG; fax: +44 (0)117 930 3831;
e-mail: john.virgo@guildhallchambers.co.uk
John Virgo is a barrister practising from
Guildhall Chambers, Bristol and at Lin-
coln's Inn, London. He has developed a
specialist practice in the law relating to
financial services, compliance and regula-
tory issues. A significant part of his work
involves disciplinary hearings and advis-
ing on regulatory and compliance matters.
John has acted for banks, building socie-
ties, networks and intermediaries. He is a
regular contributor to compliance journals
and frequently speaks at industry
confer-
ences.
Philip Ryley is a solicitor and an Associate
in the Retail Financial Services Group at
Eversheds. He specialises in compliance
and regulatory issues affecting the finan-
cial services industry. He is FPC qualified
and is an Associate of the Compliance
Institute. A major part of his work involves
disciplinary and fitness and propriety
matters as well as compliance con-
sultancy. Philip acts for major life com-
panies, banks, building societies, friendly
societies, networks and intermediaries. He
regularly writes for compliance journals
and frequently speaks at industry
confer-
ences.
INTRODUCTION
Section 1(1) of the Financial Services and
Markets Act (the Act) provides: 'the body
corporate known as the Financial Services
Authority ("the Authority" [the FSA]) is
to have the functions conferred on it by or
under this Act'.
It follows that any exercise of power by
the Authority must satisfy two pre-condi-
tions:
(1) the conduct must fall within a power,
which upon proper statutory interpre-
tation, is conferred by the Act
(2) the power sought to be exercised must
be compatible with the European
Convention on Human Rights.
This approach is also implicit in the crea-
tion of the Financial Services and Markets
Tribunal, which will be under the control
of the Lord Chancellor's Department.
THE FINANCIAL SERVICES AND
MARKETS TRIBUNAL
Section 132(1) provides that 'for the pur-
poses of this Act, there is to be a tribunal
known as the Financial Services and
Markets Tribunal (the Tribunal)'. By sub-
section (2) 'the Tribunal is to have the
functions conferred on it by this Act'.
Schedule 13 to the Act addresses the
constitution of the Tribunal, which will
arise by appointments made by the Lord
Chancellor. It also provides1 for the proce-
dure of the Tribunal to be in accordance
with Rules to be promulgated by the Lord
Chancellor's Department.
Section 137(1) of the Act provides that 'a
party to a reference to the Tribunal may
Journal of Financial Regulation
and Compliance, Vol. 8, No. 3,
2000, pp. 228-236
Henry Stewart Publications, 1358-
1988
Page 228

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT