PART 5

The regulators’ enforcement and variation powers

Power to impose penalties
19
1
Rules made by a regulator on or before 7th March 2016 which alter or replace a pre-implementation controlled function do not affect the power of a regulator to impose a penalty under section 63A (power to impose penalties) in respect of the performance of that controlled function before 7th March 2016.
2
Paragraph (3) applies in a case where—
a
a controlled function (“the relevant function”) was, immediately before 7th March 2016, a controlled function of a description specified in rules made by the PRA, and
b
on and after that date the equivalent function is a controlled function of a description specified in rules made by the FCA.
3
For the purposes of imposing a penalty under section 63A in respect of the performance of the relevant function at any time before 7th March 2016—
a
both the FCA and the PRA are the appropriate regulator for the purposes of section 63A, and
b
a warning notice or decision notice given by the PRA under section 63B (procedure and right to refer to Tribunal) before that date is to be treated on and after that date as also having been given by the FCA.
4
If under paragraph (3)(b) a warning notice is treated as given to a person by the PRA and the FCA, and that person has referred the matter to the Tribunal under section 63B(5) (procedure and right to refer to Tribunal), both the PRA and the FCA are entitled to become a party to any proceedings before the Tribunal resulting from that referral.
Section 63A was inserted by the Financial Services Act 2010 (c. 28), section 11, and amended by the Financial Services Act 2012, section 15 and Schedule 5, paragraphs 1, 8 and the 2013 Act, section 28 and Schedule 3, paragraph 4.
Section 63B was inserted by the Financial Services Act 2010 (c. 28), section 11.
“the tribunal” is defined in section 417.
Art. 19 in force at 26.3.2015, see art. 1(1)