http://www.legislation.gov.uk/ukpga/2012/21/section/13/2018-10-01Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2025-01-20Expert Participation2018-10-01 Financial Services Act 2012ActWater Act 2014s. 79(4)s. 94(3)Financial Services Act 2012ActWater Act 2014s. 81(10)s. 94(3) PART 2 131Section 56 of FSMA 2000 (performance of regulated activities: prohibition orders) is amended as follows.2For subsection (1) substitute—1The FCA may make a prohibition order if it appears to it that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by—aan authorised person,ba person who is an exempt person in relation to that activity, orca person to whom, as a result of Part 20, the general prohibition does not apply in relation to that activity.1AThe PRA may make a prohibition order if it appears to it that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by—aa PRA-authorised person, orba person who is an exempt person in relation to a PRA-regulated activity carried on by the person.3In subsection (2), for “The Authority may make an order (“a prohibition order”)” substitute “ A “prohibition order” is an order ”.4In subsection (3), for paragraph (b) substitute—ball persons falling within subsection (3A) or a particular paragraph of that subsection or all persons within a specified class of person falling within a particular paragraph of that subsection.5After subsection (3) insert—3AA person falls within this subsection if the person is—aan authorised person,ban exempt person, orca person to whom, as a result of Part 20, the general prohibition does not apply in relation to a regulated activity.6In subsection (6), for “An authorised person” substitute “ A person falling within subsection (3A) ”.7In subsection (7)—afor “The Authority” substitute “ The regulator that has made a prohibition order ”, andbfor “a prohibition order” substitute “ the order ”.8After subsection (7) insert—7AIf—athe FCA proposes to vary or revoke a prohibition order, andbas a result of the proposed variation or revocation, an individual—iwill no longer be prohibited from performing a function of interest to the PRA, oriiwill be prohibited from performing such a function,the FCA must consult the PRA before varying or revoking the order.7BA function is of interest to the PRA if it is performed in relation to a regulated activity carried on by—aa PRA-authorised person, orba person who is an exempt person in relation to a PRA-regulated activity carried on by the person.7CThe PRA must consult the FCA before varying or revoking a prohibition order.9Omit subsection (8).10Section 57 of FSMA 2000 (prohibition orders: procedure and right to refer to Tribunal) is amended as follows.11In subsections (1) and (3), for “the Authority” substitute “ a regulator ”.12At the end insert—6If—athe FCA proposes to make a prohibition order, andbas a result of the proposed order, an individual will be prohibited from performing a function of interest to the PRA,the FCA must consult the PRA before giving a warning notice under this section.7A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by—aa PRA-authorised person, orba person who is an exempt person in relation to a PRA-regulated activity carried on by the person.8The PRA must consult the FCA before giving a warning notice under this section.S. 13 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.