Section 86

A person who contravenes a relevant requirement imposed on that person is guilty of an offence and liable— on summary conviction— in England and Wales, to imprisonment for a term not exceeding three months, to a fine or to both; in Scotland or Northern Ireland, to imprisonment for a term not exceeding three months, to a fine not exceeding the statutory maximum or to both; on conviction on indictment, to imprisonment for a term not exceeding two years, to a fine, or to both. In deciding whether a person has committed an offence under paragraph (1), the court must decide whether that person followed— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . any relevant guidance which was at the time— issued by the FCA; or issued by any other supervisory authority or appropriate body and approved by the Treasury. A person is not guilty of an offence under this regulation if that person took all reasonable steps and exercised all due diligence to avoid committing the offence. Where a person has been convicted of an offence under this regulation, that person is not also to be liable to a sanction under Chapter 2 of this Part.

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