Section 3(2)

The power under subsection (1) is exercisable only by making such modifications as the Treasury consider necessary or desirable for or in connection with one or more of the following purposes— protecting and enhancing the integrity or stability of the financial system operating in the United Kingdom; promoting the safety and soundness of persons providing financial services; promoting effectiveness in the functioning of financial markets; promoting effective competition in the interests of consumers in financial services and markets or persons who use, or are likely to use, services provided by payment systems in the course of business carried on by those persons; facilitating the international competitiveness of the economy of the United Kingdom and its growth in the medium to long term; protecting consumers and those who are, or may become, insurance policyholders; providing for efficient and effective arrangements in relation to the exercise of functions under the Banking Act 2009 or Part 4 of this Act; protecting public funds; implementing, or making changes to reflect, developments in international standards and practices relating to, or applied for the purposes of, the provision of financial services or the operation of financial markets; providing for efficient and effective regulatory, enforcement, investigatory and supervisory arrangements in relation to the provision of financial services or the operation of financial markets; removing provisions that are yet to be commenced or changing the timing of their commencement.

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