11 Performance of controlled function without approval
Financial Services Act 2010 (2010 c 28) | Legislation

11  Performance of controlled function without approval

In the Financial Services and Markets Act 2000, after section 63 insert—

“Performance of controlled functions without approval

63A Power to impose penalties

(1)     If the Authority is satisfied that—

(a)     a person (“P”) has at any time performed a controlled function without approval, and

(b)     at that time P knew, or could reasonably be expected to have known, that P was performing a controlled function without approval,

it may impose a penalty on P of such amount as it considers appropriate.

(2)     For the purposes of this section P performs a controlled function without approval at any time if at that time—

(a)     P performs a controlled function under an arrangement entered into by an authorised person (“A”), or by a contractor of A, in relation to the carrying on by A of a regulated activity; and

(b)     the performance by P of the function was not approved under section 59.

(3)     The Authority may not impose a penalty 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 concerned under section 63B(1).

(4)     “The

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Common assault and battery

Common assault and batteryThe offences of common assault and batteryTechnically, the offences of assault and battery are separate summary offences. An assault is committed when the defendant intentionally or recklessly causes another to apprehend immediate and unlawful violence and battery is

LEXISNEXIS

Strict liability

Strict liabilityStrict liabilityWhen an offence does not require proof of a mental element it is an offence of strict liability. There are some common law offences of strict liability (eg public nuisance, outraging public decency and contempt) most though are statutory, arising often under

LEXISNEXIS

Fraud by false representation

Fraud by false representationFraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the

LEXISNEXIS

Mortgagees and tenants

Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over