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Part VE+W+S+N.I. Performance of Regulated Activities


Modifications etc. (not altering text)

C1Pt. V (ss. 56-71) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

[F1Performance of controlled functions without approvalE+W+S+N.I.


Amendments (Textual)

F1Ss. 63A-63D and preceding cross-heading inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 11, 26(2)(b)

63APower to impose penaltiesE+W+S+N.I.

(1)If the Authority is satisfied that—

(a)a person (“P”) has at any time performed a controlled function without approval, and

(b)at that time P knew, or could reasonably be expected to have known, that P was performing a controlled function without approval,

it may impose a penalty on P of such amount as it considers appropriate.

(2)For the purposes of this section P performs a controlled function without approval at any time if at that time—

(a)P performs a controlled function under an arrangement entered into by an authorised person (“A”), or by a contractor of A, in relation to the carrying on by A of a regulated activity; and

(b)the performance by P of the function was not approved under section 59.

(3)The Authority may not impose a penalty under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person concerned under section 63B(1).

(4)The limitation period” means the period of three years beginning with the first day on which the Authority knew that the person concerned had performed a controlled function without approval.

(5)For this purpose the Authority is to be treated as knowing that a person has performed a controlled function without approval if it has information from which that can reasonably be inferred.

(6)Any expression which is used both in this section and section 59 has the same meaning in this section as in that section.]