14 Consumer redress schemes
Financial Services Act 2010 (2010 c 28) | Legislation

Measures to protect consumers

14  Consumer redress schemes

(1)     In the Financial Services and Markets Act 2000, for section 404 (and the italic cross-heading before it) substitute—

“Consumer redress schemes
404 Consumer redress schemes

(1)     This section applies if—

(a)     it appears to the Authority that there may have been a widespread or regular failure by relevant firms to comply with requirements applicable to the carrying on by them of any activity;

(b)     it appears to it that, as a result, consumers have suffered (or may suffer) loss or damage in respect of which, if they brought legal proceedings, a remedy or relief would be available in the proceedings; and

(c)     it considers that it is desirable to make rules for the purpose of securing that redress is made to the consumers in respect of the failure (having regard to other ways in which consumers may obtain redress).

(2)     “Relevant firms” means—

(a)     authorised persons; or

(b)     payment service providers.

(3)     The Authority may make rules requiring each relevant firm (or each relevant firm of a specified description) which has carried on the activity on or after the specified date to establish and operate a consumer redress scheme.

(4)

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