# Bank of England and Financial Services Act 2016, Section 25: Misconduct

Extent: E+W+S+N.I.

(1) The Financial Services and Markets Act 2000 is amended as follows.
(2) In section 66A (misconduct: action by FCA)—
(a) omit the “or” at the end of subsection (2)(b)(i);
(b) at the end of subsection (2)(b)(ii) insert
“, or
(iii) a director of an authorised person.”;
(c) omit the “or” at the end of subsection (3)(b)(i);
(d) at the end of subsection (3)(b)(ii) insert
“, or
(iii) a director of the authorised person.”;
(e) omit the “and” at the end of subsection (5)(b);
(f) at the end of subsection (5)(c) insert
“, and
(d) the senior manager did not take such steps as a person in the senior manager's position could reasonably be expected to take to avoid the contravention occurring (or continuing).”;
(g) omit subsection (6);
(h) in subsection (8) after the definition of “approved person” insert—
““director”, in relation to an authorised person, has the same meaning as in section 64A;”.
(3) In section 66B (misconduct: action by PRA)—
(a) omit the “or” at the end of subsection (2)(b)(i);
(b) at the end of subsection (2)(b)(ii) insert
“, or
(iii) a director of a PRA-authorised person.”;
(c) omit the “or” at the end of subsection (3)(b)(i);
(d) at the end of subsection (3)(b)(ii) insert
“, or
(iii) a director of the PRA-authorised person.”;
(e) omit the “and” at the end of subsection (5)(b);
(f) at the end of subsection (5)(c) insert
“, and
(d) the senior manager did not take such steps as a person in the senior manager's position could reasonably be expected to take to avoid the contravention occurring (or continuing).”;
(g) omit subsection (6);
(h) in subsection (8) after the definition of “approved person” insert—
““director”, in relation to an authorised person, has the same meaning as in section 64A;”.

---
Source: https://www.legislation.gov.uk/ukpga/2016/14/section/25 (the official version)
Page: https://openlegislation.uk/bank-of-england-and-financial-services-act-2016/section-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.