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Section 63A(1)

FSMA 2000

If the appropriate regulator is satisfied that— it may impose a penalty on P of such amount as it considers appropriate. a person (“P”) has at any time performed a controlled function without approval, and at that time P knew, or could reasonably be expected to have known, that P was performing a controlled function without approval,

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