Banking Act 2009

[F183ZR.Regulatory sanctionsU.K.
This section has no associated Explanatory Notes

(1)If 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—

(a)publish a statement to that effect;

(b)impose on that person a penalty, in respect of the failure, of such amount as it considers appropriate;

(c)with 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;

(d)prohibit that person from holding an office or position involving responsibility for taking decisions about the management of—

(i)a named bank,

(ii)a bank of a specified description, or

(iii)any bank.

(2)A prohibition under subsection (1)(d) may apply—

(a)for a specified period,

(b)until further notice, or

(c)permanently.

(3)If 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—

(a)publish a statement to that effect;

(b)impose on that officer a penalty, in respect of the failure, of such amount as it considers appropriate;

(c)with 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.

(4)A penalty under this section—

(a)must be paid to the Bank of England, and

(b)may be enforced by the Bank as a debt.

(5)In this section “relevant requirement” has the meaning given in section 83ZD.]

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