Schedule 17A, Part 2, paragraph 28

The power conferred by section 384(5) (power of FCA to require restitution order) is exercisable by the Bank. That power is exercisable if the Bank is satisfied that a recognised clearing house , a recognised CSD or a critical third party has contravened a relevant requirement, or been knowingly concerned in the contravention of a relevant requirement, and— that profits have accrued to the recognised clearing house , the recognised CSD or the critical third party as a result of the contravention; or that one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention. For the purposes of that power, “relevant requirement” is to be read in accordance with paragraph 26(2) of this Schedule (subject to sub-paragraph (3A)). The power conferred by section 384(5) is not exercisable by the Bank in respect of the contravention of a requirement imposed by or under Article 4 or 15 of the SFT regulation. Where this paragraph applies, section 384(5) and (6) are to have effect as if— any reference to the person concerned were a reference to the recognised clearing house , the recognised CSD or the critical third party; and any reference to subsection (1) were a reference to sub-paragraph (2) of this paragraph.

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Source: legislation.gov.uk · retrieved 2026-09-04