Regulation 17 Financial penaltiesI1

If the FCA considers that a current account authorised person (“P”) has contravened a relevant requirement, it may impose on P a penalty of such amount as it considers appropriate.

If the FCA considers that an approved person (“A”) has been knowingly concerned in a contravention by a current account authorised person of a relevant requirement, it may impose on A a penalty of such amount as it considers appropriate.

A penalty imposed under this regulation is payable to the FCA and may be recovered as a debt owed to the FCA.