Regulation 33 Time limits on the imposition of penalties
The Regulator may not impose a penalty in respect of a contravention later than the end of the period of 5 years from the date of the contravention, unless before the end of that period—
(a)
the notice under regulation 31(8) relating to the penalty is served on the authorised person under regulation 31(14);
(b)
a notice relating to the contravention is served on the authorised person under regulation 48(2); or
(c)
a final or provisional order is served on the authorised person.