Section 3I(2)

The first condition is that the FCA is proposing— to exercise any of its regulatory powers in relation to PRA-authorised persons generally, a class of PRA-authorised persons or a particular PRA-authorised person, or to exercise any of its insolvency powers in relation to— a PRA-authorised person, an appointed representative whose principal, or one of whose principals, is a PRA-authorised person, or a person who is carrying on a PRA-regulated activity in contravention of the general prohibition.

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