PART 9Enforcement
CHAPTER 2Civil penalties and notices
Power to impose civil penalties: fines and statements76
1
Paragraph (2) applies if a designated supervisory authority is satisfied that any person (“P”) has contravened a relevant requirement imposed on that person.
2
A designated supervisory authority may do one or both of the following—
a
impose a penalty of such amount as it considers appropriate on P;
b
publish a statement censuring P.
3
If a designated supervisory authority considers that another person who was at the material time an officer of P was knowingly concerned in a contravention of a relevant requirement by P, the designated supervisory authority may impose on that person a penalty of such amount as it considers appropriate.
4
A designated supervisory authority must not impose a penalty on P under this regulation for contravention of a relevant requirement if the authority is satisfied that P took all reasonable steps and exercised all due diligence to ensure that the requirement would be complied with.
5
Where the FCA proposes to impose a penalty under this regulation on a PRA-authorised person or on a person who has a qualifying relationship with a PRA-authorised person, it must consult the PRA.
6
In deciding whether P has contravened a relevant requirement, the designated supervisory authority must consider whether at the time P followed—
F1a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
any relevant guidance which was at the time—
i
issued by the FCA; or
ii
issued by any other supervisory authority or appropriate body and approved by the Treasury.
7
A penalty imposed under this Part is payable to the designated supervisory authority which imposes it.
8
For the purposes of this regulation—
a
“appropriate” means (other than in references to an appropriate body) effective, proportionate and dissuasive;
b
“designated supervisory authority” means the FCA or the Commissioners.