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The Packaged Retail and Insurance-based Investment Products Regulations 2017

Status:

This is the original version (as it was originally made).

Administrative penalties and statements

This section has no associated Explanatory Memorandum

6.—(1) If the FCA considers that—

(a)an unauthorised person has contravened—

(i)the PRIIPs regulation or any directly applicable EU regulation made under that regulation,

(ii)an order under regulation 4,

(iii)a requirement imposed on the person under regulation 7(2)(b), or

(iv)a requirement imposed on the person under Part 11 of the Act as applied by Schedule 1, or

(b)an authorised person has contravened—

(i)an order under regulation 4, or

(ii)a requirement imposed on the person under regulation 7(2)(b),

the FCA may publish a statement to that effect or impose on the person a penalty, in respect of the contravention, of such amount as it considers appropriate.

(2) A penalty under paragraph (1) is payable to the FCA.

(3) The FCA must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under this regulation.

(4) The Treasury may give directions to the FCA as to how the FCA is to comply with its duty under paragraph (3).

(5) The directions may in particular—

(a)specify the time when any payment is required to be made to the Treasury, or

(b)require the FCA to provide the Treasury at specified times with information relating to penalties that the FCA has imposed under this regulation.

(6) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.

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