Section 31

After section 64B of FSMA 2000 (inserted by section 30 above) insert— If— the relevant authorised person must notify that regulator of that fact. a relevant authorised person takes disciplinary action in relation to a relevant person, and the reason, or one of the reasons, for taking that action is a reason specified in rules made by the appropriate regulator for the purposes of this section, “Disciplinary action”, in relation to a person, means any of the following— the issuing of a formal written warning; the suspension or dismissal of the person; the reduction or recovery of any of the person's remuneration. “The appropriate regulator” means— in relation to relevant authorised persons that are PRA-authorised persons, the FCA or the PRA; in relation to any other relevant authorised persons, the FCA. “Relevant person” has the same meaning as in section 64B. For the meaning of “relevant authorised person”, see section 71A.

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