21(1)If a UK firm which is not an authorised person contravenes the prohibition imposed by—U.K.
(a)sub-paragraph (1) of paragraph 19, or
(b)[F1sub-paragraph (1), (3B)(c) or (4B)] of paragraph 20,
it is guilty of an offence.
(2)A firm guilty of an offence under sub-paragraph (1) is liable—
(a)on summary conviction, to a fine not exceeding the statutory maximum; or
(b)on conviction on indictment, to a fine.
(3)In proceedings for an offence under sub-paragraph (1), it is a defence for the firm to show that it took all reasonable precautions and exercised all due diligence to avoid committing the offence.
Textual Amendments
F1Words in Sch. 3 para. 21(1)(b) substituted (14.1.2005) by The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473), reg. 6(2)
Commencement Information
I1Sch. 3 Pt. III para. 21 wholly in force at 1.12.2001; Sch. 3 Pt. III para. 21 not in force at Royal Assent see s. 431(2); Sch. 3 Pt. III para. 21 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b)(c), Sch. Pts. 2, 3; Sch. 3 Pt. III para. 21 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; Sch. 3 Pt. III para. 21 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)