
1 
These Regulations may be cited as the Financial Services and Markets Act 2000 (Fourth Motor Insurance Directive) Regulations 2002 and come into force on 20th November 2002.
2 

(1) Rules made by  the Financial Conduct Authority under section 137A of the Financial Services and Markets Act 2000 (“the 2000 Act”) (The FCA’s general rules)  may require a relevant authorised person to pay interest in specified circumstances in respect of claims made for compensation.
(2) In paragraph (1)—
(a) “relevant authorised person” means an authorised person with a Part IV permission (within the meaning of the 2000 Act)—
(i) to effect or carry out relevant contracts of insurance; or
(ii) to manage the underwriting capacity of a Lloyd’s syndicate as a managing agent, the members of which effect or carry out relevant contracts of insurance underwritten at Lloyd’s;
where a “relevant contract of insurance” means a contract of insurance against damage arising out of or in connection with the use of motor vehicles on land (other than carrier’s liability);
(b) “specified” means specified in the rules.
(3) Rules made pursuant to paragraph (1) may not come into force before 19th January 2003.
3 
In regulation 6 of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001  (cases in which contravention of a rule is actionable at the suit of a person who is not a private person)—
(a) after paragraph (3)(c) insert—“
(d) the rule that has been contravened requires a relevant authorised person to respond to a claim for compensation within a specified time limit, or to pay interest in specified circumstances in respect of any such claim.”; and
(b) for paragraph (4) substitute—“
(4) In this regulation—
(a) “relevant authorised person” means an authorised person with a Part IV permission—
(i) to effect or to carry out relevant contracts of insurance; or
(ii) to manage the underwriting capacity of a Lloyd’s syndicate as a managing agent, the members of which effect or carry out relevant contracts of insurance underwritten at Lloyd’s;
where a “relevant contract of insurance” means a contract of insurance against damage arising out of or in connection with the use of motor vehicles on land (other than carrier’s liability);
(b) “rule” has the meaning given by section 150(4) of the Act; and
(c) “specified” means specified in rules.”
 Philip Woolas
 Nick Ainger
Two of the Lords Commissioners of Her Majesty’s Treasury
