Section 78

Paragraph (2) applies if a designated supervisory authority considers that another person who was at the material time an officer of P was knowingly concerned in a contravention of a relevant requirement by P. The designated supervisory authority may impose one of the following measures on the person concerned— a temporary prohibition on the individual concerned holding an office or position involving responsibility for taking decisions about the management of a relevant person or a payment service provider (“having a management role”); a permanent prohibition on the individual concerned having a management role. A prohibition may be expressed to expire at the end of such period as the designated supervisory authority may specify, but the imposition of a prohibition under paragraph (2)(a) that expires at the end of a specified period does not affect the designated supervisory authority's power to impose a new prohibition under paragraph (2)(a). A prohibition imposed under paragraph (2) may be expressed to be a prohibition on an individual having a management role in— a named relevant person or payment service provider; a relevant person or payment service provider of a description specified by the designated supervisory authority when the prohibition is imposed; or any relevant person or payment service provider. A relevant person or payment service provider must take reasonable care to ensure that no individual who is subject to a prohibition under paragraph (2) on having a management role with that relevant person or payment service provider is given such a role, or continues to act in such a role.

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