Schedule 10, Part 1, Chapter 2A, paragraph 309U(1)

The appropriate regulator may impose a penalty on a person if it is satisfied that— the person has at any time performed a designated senior management function without approval, and at that time the person knew, or could reasonably be expected to have known, that they were performing a designated senior management function without approval.

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