Section 28(6)

In section 3D (duty of FCA and PRA to ensure co-ordinated exercise of functions), for subsection (4) substitute— In this section, “objectives”— in relation to the FCA means— operational objectives, and in its application as a secondary objective, the competitiveness and growth objective (see section 1EB), and in relation to the PRA means— the PRA’s objectives, and in their application as secondary objectives, the competition objective and competitiveness and growth objective (see section 2H). Where a regulator is proposing to exercise a function that is not one of its general functions, the reference to “objectives” in subsection (1)(a) does not include the secondary objectives mentioned in subsection (4)(a)(ii) and (b)(ii). In this section, “general functions”— in relation to the FCA, has the same meaning as in section 1B(6), and in relation to the PRA, has the same meaning as in section 2J(1).

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Source: legislation.gov.uk · retrieved 2026-09-04