http://www.legislation.gov.uk/ukpga/2009/1/section/83ZRBanking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19 Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3) Part 1Chapter 483ZR1If the Bank of England considers that a person has failed to comply with a relevant requirement imposed on the person, it may do one or more of the following—apublish a statement to that effect;bimpose on that person a penalty, in respect of the failure, of such amount as it considers appropriate;cwith a view to ensuring that the failure ceases or is not repeated or the consequences of the failure are mitigated, direct that person to refrain from any conduct;dprohibit that person from holding an office or position involving responsibility for taking decisions about the management of—ia named bank,iia bank of a specified description, oriiiany bank.2A prohibition under subsection (1)(d) may apply—afor a specified period,buntil further notice, orcpermanently.3If the Bank of England considers that a failure by a person to comply with a relevant requirement occurred with the consent or connivance of, or was attributable to any neglect on the part of, an officer of that person, it may do one or more of the following—apublish a statement to that effect;bimpose on that officer a penalty, in respect of the failure, of such amount as it considers appropriate;cwith a view to ensuring that the failure ceases or is not repeated or the consequences of the failure are mitigated, direct that person to refrain from any conduct specified in the order.4A penalty under this section—amust be paid to the Bank of England, andbmay be enforced by the Bank as a debt.5In this section “relevant requirement” has the meaning given in section 83ZD.Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2Pt. 1 Ch. 4 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 97