Section 192Y

This section applies if the PRA is satisfied that a company which is or has been a financial holding company or a mixed financial holding company (“the company”) has contravened a requirement imposed by— this Part; a direction given to the company by the PRA under section 192T; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . section 192XA rules; or the capital requirements regulation or an instrument made under that regulation. The PRA may impose a penalty of such amount as it considers appropriate on— the company; or any person who was knowingly concerned in the contravention. The PRA may, instead of imposing a penalty on a person, publish a statement censuring the person. The PRA may not take action against a person 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 under section 192Z. “The limitation period” means the period of 3 years beginning with the first day on which the PRA knew of the contravention. For this purpose the PRA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.

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