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APPENDIX E FINANCIAL SERVICES AND MARKETS ACT 2000 (RELEVANT EXTRACTS)

Insurance Law and the Financial Ombudsman Service

APPENDIX E FINANCIAL SERVICES AND MARKETS ACT 2000 (RELEVANT EXTRACTS) Section 66—Disciplinary powers (1) The Authority may take action against a person under this section if— (a) it appears to the Authority that he is guilty of misconduct; and (b) the Authority is satisfied that it is appropriate in all the circumstances to take action against him. (2) A person is guilty of misconduct if, while an approved person— (a) he has failed to comply with a statement of principle issued under section 64; or (b) he has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person by or under this Act [or by any directly applicable Community regulation made under the markets in financial instruments directive]. (3) If the Authority is entitled to take action under this section against a person, it may— (a) impose a penalty on him of such amount as it considers appropriate; or (b) publish a statement of his misconduct. (4) The Authority may not take action under this section after the end of the period of two years beginning with the first day on which the Authority knew of the misconduct, unless proceedings in respect of it against the person concerned were begun before the end of that period. (5) For the purposes of subsection (4)— (a) the Authority is to be treated as knowing of misconduct if it has information from which the misconduct can reasonably be inferred; and (b) proceedings against a person in respect of misconduct are to be treated as begun when a warning notice is given to him under section 67(1). (6) “Approved person” has the same meaning as in section 64. (7) “Relevant authorised person”, in relation to an approved person, means the person on whose application approval under section 59 was given. [AMENDMENT Sub-s. (2): in para. (b) words from “or by any” to “financial instruments directive” in square brackets inserted by SI 2007/126, reg. 3(5), Sch. 5, paras. 1, 5.

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