REC 4.9 Disciplinary measures

1. (1)

   1Under sections 312E and 312F of the Act, if the FCA considers that a recognised body has contravened a requirement imposed by the FCA under any provision of the Act that relates to a RIE, or under any provision of the Act whose contravention constitutes an offence the FCA has power to prosecute, or by a qualifying 2provision specified by the Treasury, it may:

   1. (a)

      publish a statement to that effect; or

   2. (b)

      impose on the body a financial penalty of such amount as it considers appropriate.

2. (2)

   The procedures and policies which the FCA will follow if it proposes to publish a statement under section 312E or to impose a penalty under section 312F, and if it decides to publish such statement or impose such penalty, are set out in DEPP.

3. (3)

   In exercising or deciding whether to exercise its power to impose a penalty under section 312F of the Act, the FCA will also have regard to any statement of policy published under this section and in force at a time when the contravention in question occurred.

[Note:The FCA has issued a statement of policy for consultation with respect to the exercise of its powers under section 312F of the Act.]

1. (1)

   Under section 192K of the Act, if the FCA considers that a qualifying parent undertaking of a UK RIE has contravened a requirement of a direction given by the FCA under section 192C of the Act, or a provision of rules made by the FCA under section 192J of the Act, it may:

   1. (a)

      impose a penalty of such amount as it considers appropriate on the qualifying parent undertaking of the UK RIE, or any person who was knowingly concerned in the contravention; or

   2. (b)

      publish a statement censuring the person.

2. (2)

   The procedures which the FCA will follow if it proposes to take action, and if it decides to take action against a person, under section 192K are set out in DEPP.

3. (3)

   In exercising or deciding whether to exercise its power under section 192K of the Act, the FCA will also have regard to any statement of policy published under this section and in force at a time when the contravention in question occurred.

[Note: The FCA has issued a statement of policy for consultation with respect to the exercise of its powers under section 192K of the Act.]