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Financial Services Act 2010

FSA’s disciplinary powers

Section 10: Removal of restriction on imposing a penalty and cancelling authorisation

157.Section 206(2) of FSMA prohibits the FSA from both imposing a penalty on an authorised person under that section and withdrawing a person’s authorisation under section 33 in respect of the same contravention. This section repeals this prohibition thus enabling the FSA to stop an authorised person from continuing to carry on a regulated activity at the same time as imposing a financial penalty on that person.

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