{
  "url": "https://openlegislation.uk/financial-services-act-2012/schedule-5/paragraph-14",
  "json_url": "https://openlegislation.uk/financial-services-act-2012/schedule-5/paragraph-14.json",
  "legislation": "ukpga/2012/21",
  "legislation_title": "Financial Services Act 2012",
  "legislation_url": "https://openlegislation.uk/financial-services-act-2012",
  "path": "schedule/5/paragraph/14",
  "kind": "paragraph",
  "number": "14",
  "heading": null,
  "text": "(1) Section 66 (disciplinary powers) is amended as follows.\n(2) In subsection (1)—\n(a) in the opening words—\n(i) for “The Authority” substitute “ A regulator ”, and\n(ii) after “this section” insert “ (whether or not it has given its approval in relation to the person) ”, and\n(b) in paragraphs (a) and (b), for “ Authority” substitute “ regulator ”.\n(3) For subsection (2) substitute—\n“(2) For the purposes of action by the FCA, a person is guilty of misconduct if, while an approved person—\n(a) the person has failed to comply with a statement of principle issued by the FCA under section 64, or\n(b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—\n(i) by or under this Act, or\n(ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.\n(2A) For the purposes of action by the PRA, a person is guilty of misconduct if, while an approved person in respect of the performance of a significant-influence function in relation to the carrying on by a PRA-authorised person of a regulated activity—\n(a) the person has failed to comply with a statement of principle issued by the PRA under section 64, or\n(b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—\n(i) by or under this Act, or\n(ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.”\n(4) In subsection (3), for “Authority” substitute “ regulator ”.\n(5) In subsection (3D), for “The Authority” substitute “ The regulator taking action under this section ”.\n(6) In subsection (4)—\n(a) for “The Authority”, in the first place, substitute “ A regulator ”, and\n(b) for “the Authority”, in the second place, substitute “ the regulator ”.\n(7) In subsection (5)(a), for “the Authority” substitute “ a regulator ”.\n(8) For subsection (6) substitute—\n“(6) Approved person” means a person in relation to whom an approval is given under that section.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 5 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 5 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/21/schedule/5/paragraph/14",
    "retrieved_at": "2026-10-29T09:08:36.918830+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}