PART 5Disciplinary measures and offences
Restrictions on permission to carry on regulated activities18
1
If the FCA considers that a current account authorised person (“P”) has contravened a relevant requirement, it may impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of a regulated activity by P as it considers appropriate.
2
In paragraph (1) above “carrying on a regulated activity” means carrying on a regulated activity under any permission given (or treated as given) by the FCA or PRA or conferred by any provision of the 2000 Act.
3
The period for which a restriction is to have effect may not exceed 12 months.
4
A restriction may, in particular, be imposed so as to require P to take, or refrain from taking, specified action.
5
The FCA may—
a
withdraw a restriction, or
b
vary a restriction so as to reduce the period for which it has effect or otherwise to limit its effect.
6
The power under this regulation may (but need not) be exercised so as to have effect in relation to all the regulated activities that P carries on.