PART 9B

Ring-fencing

Failure of parent undertaking to comply with direction

Power to impose penalty or issue censure
142S
1
This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking (“P”) has contravened a requirement of a direction given to P by that regulator as a result of section 142L(2)(d) or (3)(d).
2
The regulator may impose a penalty of such amount as it considers appropriate on—
a
P, or
b
any person who was knowingly concerned in the contravention.
3
The regulator may, instead of imposing a penalty on a person, publish a statement censuring the person.
4
The regulator may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 142T.
5
“
The limitation period
” means the period of 3 years beginning with the first day on which the regulator knew of the contravention.
6
For this purpose a regulator is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.
7
The requirements that a regulator may be required to impose as a result of a direction under section 142L(2)(c) or (3)(c) include requirements that the regulator would not but for the direction have power to impose.
Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes, 21.4.2016 for the insertion of s. 142H, 1.1.2019 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(1), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2016/512, art. 2(a); S.I. 2018/1306, art. 2(d)
Pt. 9B power to apply (with modifications) conferred (1.1.2019) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 7(2)(b), 148(5); S.I. 2018/1306, art. 2(f)