In forceUpdated to 30 Jun 2025

Contents

Financial Services and Markets Act 2022 · Updated to 30 Jun 2025 · Part 7 · Control Over Financial Institutions

52. Direction for recovery plan and its implementation

(1)

The Authority may issue a direction to a pertinent financial institution —

(a)

requiring the pertinent financial institution to comply with the requirements of a notice issued under section 51; and

(b)

specifying the dates for the submission of the recovery plan and the submission of any other document, and the frequency for the action mentioned in section 51(1)(b).

(2)

The Authority may issue a further direction to a pertinent financial institution to which a direction was issued under subsection (1) —

(a)

to make such amendment to the pertinent financial institution’s recovery plan as the Authority may reasonably require, including an amendment to address any deficiency in the plan; or

(b)

to remove any impediment to the implementation of the recovery plan.

(3)

Without limiting subsection (2)(b), the direction in that provision may require the pertinent financial institution to make changes to its practices, organisation and structure (including its operational, legal and financial structures).

(4)

The Authority may issue a further direction to a pertinent financial institution to which a direction was issued under subsection (1) —

(a)

to implement a specified part of the pertinent financial institution’s recovery plan; and

(b)

to implement such other arrangements or measures as may be necessary to restore the pertinent financial institution’s financial strength and viability.

Report

Read on from s 53

Part 8