PART 5The Authority

Disciplinary powers35

1

The Authority may take action against a person under this regulation if—

a

it appears to the Authority that the person is guilty of misconduct; and

b

the Authority is satisfied that it is appropriate in all the circumstances to take action against the person.

2

For the purposes of this regulation, a person (“B”) is guilty of misconduct if—

a

B has at any time been a manager in relation to a payment service provider;

b

there has at that time been (or continued to be) a contravention of a requirement of these Regulations by the payment service provider; and

c

B was at that time responsible for the management of any of the payment service provider’s activities in relation to which the contravention occurred.

3

But B is not guilty of misconduct by virtue of paragraph (2) if B satisfies the Authority that B had taken such steps as a person in B’s position could reasonably be expected to take to avoid the contravention occurring (or continuing).

4

If the Authority is entitled to take action under this regulation against B, it may—

a

impose a penalty upon B of such amount as it considers appropriate;

b

publish a statement of the B’s misconduct.