What section of the Financial Services and Markets Act (FSMA) 2000 outlines FCA's powers to enter premises?

The correct section that outlines the Financial Conduct Authority's (FCA) powers to enter premises is Section 165 of the Financial Services and Markets Act (FSMA) 2000. This section grants the FCA the authority to enter premises for the purpose of carrying out its regulatory functions. Specifically, it allows FCA representatives to enter and inspect premises that are relevant to their regulatory oversight, ensuring compliance with financial regulations. This power is crucial for the FCA to effectively monitor financial institutions and ensure that they adhere to the necessary rules and standards, thereby protecting consumers and maintaining market integrity.

Understanding the context of the FSMA and the roles of different sections is important for anyone preparing for the CISI Regulatory Practice Exam. Section 165 is particularly significant because it empowers the FCA to conduct on-site inspections, thereby enhancing its ability to supervise and enforce regulations. Other sections of the FSMA focus on various aspects of the regulatory framework, such as licensing, obligations of financial firms, and enforcement measures, but do not directly address the issue of entering premises.