F1PART 12APowers exercisable in relation to parent undertakings

Failure to comply with direction or breach of rules

192KPower to impose penalty or issue censure

(1)

This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking (“P”) has contravened—

(a)

a requirement of a direction given to P by that regulator under section 192C, or

(b)

a provision of rules made by that regulator under section 192J.

(2)

The regulator may impose a penalty of such amount as it considers appropriate on—

(a)

P, or

(b)

any person who was knowingly concerned in the contravention.

(3)

The regulator may, instead of imposing a penalty on a person, publish a statement censuring the person.

(4)

The regulator may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 192L.

(5)

“The limitation period” means the period of 3 years beginning with the first day on which the regulator knew of the contravention.

(6)

For this purpose a regulator is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.