The Financial Services Act 2012 (Transitional Provisions) (Enforcement) Order 2013

Disciplinary measures: auditors and actuaries

14.—(1) Paragraph (2) applies if, immediately before the commencement date, a person was disqualified for the purposes of section 345(1)(1) (disqualification) from being the auditor of, or acting as the actuary for, any authorised person or class of authorised person.

(2) The disqualification is to be treated as if it had been imposed by the FCA under section 345(2)(a) (disciplinary measures).

(3) Paragraph (4) applies if—

(a) it appears to the FCA that an auditor or actuary to whom section 342 (information given by an auditor or actuary to the Authority) applied had failed, at any time before the commencement date, to comply with a duty imposed on the auditor or actuary under FSMA 2000; and

(b) the Authority had not disqualified the auditor or actuary before the commencement date pursuant to that failure.

(4) Section 345 applies as if section 345(2)(b) to (d) were omitted.

(5) Paragraph (6) applies where, before the commencement date, the Authority—

(a) had given a warning notice under section 345(2) (whether as a result of that section or of section 249); and

(b) had not given a decision notice or a notice of discontinuance following that warning notice.

(6) The warning notice is to be treated as if it had been given by the FCA under section 345B(1) (whether as a result of that section or of section 249, as the case may be).

(7) Paragraph (8) applies where, before the commencement date, the Authority—

(a) had given a decision notice under section 345(3) (whether as a result of that section or of section 249); and

(b) had not given a final notice or a notice of discontinuance following that decision notice.

(8) The decision notice is to be treated as if it had been given by the FCA under section 345B(4) (whether as a result of that section or of section 249, as the case may be).

(1)

Sections 345 to 345E are substituted by the 2012 Act, Schedule 13, paragraph 7.