PART 2Financial services

Conduct of persons working in financial services sector

25Misconduct

1

The Financial Services and Markets Act 2000 is amended as follows.

2

In section 66A (misconduct: action by FCA)—

a

omit the “or” at the end of subsection (2)(b)(i);

b

at the end of subsection (2)(b)(ii) insert

, or

iii

a director of an authorised person.

c

omit the “or” at the end of subsection (3)(b)(i);

d

at the end of subsection (3)(b)(ii) insert

, or

iii

a director of the authorised person.

e

omit the “and” at the end of subsection (5)(b);

f

at the end of subsection (5)(c) insert

, and

d

the senior manager did not take such steps as a person in the senior manager’s position could reasonably be expected to take to avoid the contravention occurring (or continuing).

g

omit subsection (6);

h

in subsection (8) after the definition of “approved person” insert—

  • “director”, in relation to an authorised person, has the same meaning as in section 64A;

3

In section 66B (misconduct: action by PRA)—

a

omit the “or” at the end of subsection (2)(b)(i);

b

at the end of subsection (2)(b)(ii) insert

, or

iii

a director of a PRA-authorised person.

c

omit the “or” at the end of subsection (3)(b)(i);

d

at the end of subsection (3)(b)(ii) insert

, or

iii

a director of the PRA-authorised person.

e

omit the “and” at the end of subsection (5)(b);

f

at the end of subsection (5)(c) insert

, and

d

the senior manager did not take such steps as a person in the senior manager’s position could reasonably be expected to take to avoid the contravention occurring (or continuing).

g

omit subsection (6);

h

in subsection (8) after the definition of “approved person” insert—

  • “director”, in relation to an authorised person, has the same meaning as in section 64A;