Section 28

Section 63A of FSMA 2000 (power to impose penalties) is amended as follows. In subsection (4), for “period of three years” substitute “ relevant period ”. After subsection (5A) insert— The relevant period” is— in relation to the performance of a controlled function without approval before the day on which this subsection comes into force, the period of 3 years, and in relation to the performance of a controlled function without approval on or after that day, the period of 6 years. Section 66 of FSMA 2000 (disciplinary powers) is amended as follows. In subsection (4), for “period of three years” substitute “ relevant period ”. After subsection (5) insert— The relevant period” is— in relation to misconduct which occurs before the day on which this subsection comes into force, the period of 3 years, and in relation to misconduct which occurs on or after that day, the period of 6 years.

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