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Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013

2013 CHAPTER 33

Commentary

Part 4 – Conduct of Persons Working in Financial Services Sector

Amendments of FSMA

Section 31: Requirement to notify regulator of disciplinary action

197.Section 31 inserts new section 64C into FSMA. Under this new section, RAPs are under a duty to inform the regulator in the event that they issue a formal written warning to any of their employees or approved persons, suspend or dismiss any of them, or take any clawback action in relation to the remuneration of any of them.

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