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Financial Services (Banking Reform) Act 2013

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Changes over time for: Section 28

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Changes to legislation:

Financial Services (Banking Reform) Act 2013, Section 28 is up to date with all changes known to be in force on or before 21 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

28Extension of limitation periods for imposing sanctionsU.K.

This section has no associated Explanatory Notes

(1)Section 63A of FSMA 2000 (power to impose penalties) is amended as follows.

(2)In subsection (4), for “period of three years” substitute “ relevant period ”.

(3)After subsection (5A) insert—

(5B)The relevant period” is—

(a)in relation to the performance of a controlled function without approval before the day on which this subsection comes into force, the period of 3 years, and

(b)in relation to the performance of a controlled function without approval on or after that day, the period of 6 years.

(4)Section 66 of FSMA 2000 (disciplinary powers) is amended as follows.

(5)In subsection (4), for “period of three years” substitute “ relevant period ”.

(6)After subsection (5) insert—

(5ZA)The relevant period” is—

(a)in relation to misconduct which occurs before the day on which this subsection comes into force, the period of 3 years, and

(b)in relation to misconduct which occurs on or after that day, the period of 6 years.

Commencement Information

I1S. 28 in force at 25.7.2014 by S.I. 2014/1819, art. 2(1)(c)

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