# Financial Services and Markets Act 2000, Section 192Y: Power to impose penalty or issue censure


(1) This section applies if the PRA is satisfied that a company which is or has been a financial holding company or a mixed financial holding company (“the company”) has contravened a requirement imposed by—
(a) this Part;
(b) a direction given to the company by the PRA under section 192T;
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(ca) section 192XA rules; or
(d) the capital requirements regulation or an instrument made under that regulation.
(2) The PRA may impose a penalty of such amount as it considers appropriate on—
(a) the company; or
(b) any person who was knowingly concerned in the contravention.
(3) The PRA may, instead of imposing a penalty on a person, publish a statement censuring the person.
(4) The PRA may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 192Z.
(5) “The limitation period” means the period of 3 years beginning with the first day on which the PRA knew of the contravention.
(6) For this purpose the PRA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.

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Source: https://www.legislation.gov.uk/ukpga/2000/8/section/192Y (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/section-192Y
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.