Section 415B

The FCA must consult the PRA before taking a qualifying step in relation to a person who— is a PRA-authorised person, or has a qualifying relationship with a PRA-authorised person. The PRA must consult the FCA before taking a qualifying step. In this section any reference to the taking of a qualifying step is a reference to— the giving of a warning notice or decision notice under section 63B (performance of controlled functions without approval), the giving of a warning notice or decision notice under section 67 (disciplinary powers in relation to approved person), . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the giving of a warning notice under section 207 or a decision notice under section 208 (breaches of requirements imposed by or under Act etc.), the giving of a warning notice under section 312G or a decision notice under section 312H (recognised bodies), the making of an application to the court under section 380, 381, 382 or 383 (injunctions or restitution), or the giving of a warning notice under section 385 or a decision notice under section 386 (power of FCA or PRA to require restitution). A person has a qualifying relationship with a PRA-authorised person (“A”) for the purposes of this section if— ... the person is a member of A's immediate group, or in the case of a qualifying step within subsection (3)(a) or (b), the person performs a relevant senior management function under an arrangement entered into by A, or by a contractor of A, in relation to the carrying on by A of a regulated activity. In subsection (4)— “arrangement” has the same meaning as in section 59; “relevant senior management function” means a function which the FCA is satisfied is a senior management function as defined in section 59ZA (whether or not it is a designated senior management function as defined by section 59ZB).

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