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Financial Services and Markets Act 2000

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Financial Services and Markets Act 2000, Section 67 is up to date with all changes known to be in force on or before 25 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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67 Disciplinary measures: procedure and right to refer to Tribunal.U.K.

This adran has no associated Nodiadau Esboniadol

(1)If [F1a regulator] proposes to take action against a person under section 66, it must give him a warning notice[F2; and if it proposes to take action under subsection (3)(aa) [F3, (ab) or (ac)] of that section, it must also give each of the other interested parties a warning notice.]

(2)A warning notice about a proposal to impose a penalty must state the amount of the penalty.

[F4(2A)A warning notice about a proposal—

(a)to suspend an approval, or

(b)to impose a [F5condition] in relation to the performance of a function,

must state the period for which the suspension or [F5condition] is to have effect.]

[F6(2B)A warning notice about a proposal to limit the period for which an approval is to have effect must state the length of that period.]

(3)A warning notice about a proposal to publish a statement must set out the terms of the statement.

(4)If [F7a regulator] decides to take action against a person under section 66, it must give him a decision notice[F8; and if it decides to take action under subsection (3)(aa) [F9, (ab) or (ac)] of that section, it must also give each of the other interested parties a decision notice.]

(5)A decision notice about the imposition of a penalty must state the amount of the penalty.

[F10(5A)A decision notice about—

(a)the suspension of an approval, or

(b)the imposition of a [F11condition] in relation to the performance of a function,

must state the period for which the suspension or [F11condition] is to have effect.]

[F12(5B)A decision notice about limiting the period for which an approval is to have effect must state the length of that period.]

(6)A decision notice about the publication of a statement must set out the terms of the statement.

(7)If [F13a regulator] decides to take action against a person under section 66, he may refer the matter to the Tribunal[F14; and if [F15the regulator] decides to take action under section 66(3)(aa) [F16, (ab) or (ac)], each of the other interested parties may also refer the matter to the Tribunal.]

[F17(8)Approval” means an approval given under section 59.

(9)“Other interested parties”, in relation to [F18a person (“A”) in relation to whom approval has been given,] are—

(a)the person on whose application the approval was given (“B”); and

(b)the person by whom A's services are retained, if not B.

F19...]

Textual Amendments

F3Words in s. 67(1) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 6(2); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F5Word in s. 67(2A) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 6(3); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F6S. 67(2B) inserted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 6(4); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F9Words in s. 67(4) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 6(5); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F11Word in s. 67(5A) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 6(6); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F12S. 67(5B) inserted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 6(7); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F16Words in s. 67(7) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 6(8); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F19Words in s. 67(9) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 15(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1S. 67 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 61(3), 85(5) (with art. 23(2))

C3Ss. 66-70 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 1

C5Ss. 66-70 applied (with modifications) (15.1.2013) by The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 (S.I. 2012/3122), reg. 1, Sch. para. 1 (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(6)(a))

C6S. 67 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(3)

C7Ss. 66-70 applied (with modifications) by S.I. 2011/99, Sch. 5 para. 1 (as substituted (7.3.2016) by The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) Order 2016 (S.I. 2016/163), arts. 1, 4)

C8Ss. 66-70 applied (with modifications) by S.I. 2009/209, Sch. 5 para. 1 (as substituted (7.3.2016) by The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) Order 2016 (S.I. 2016/163), arts. 1, 3)

C9Ss. 66-70 applied (with modifications) S.I. 2012/3122, Sch. para. 1 (as amended) (7.3.2016) by The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) Order 2016 (S.I. 2016/163), arts. 1, 5

C10S. 67(4) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 73(2), 74(2) (with art. 23(2))

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