[63A Power to impose penalties]

[Performance of controlled functions without approval]

[63A  Power to impose penalties]

[(1)     If the [appropriate regulator] is satisfied that—

(a)     a person (“P”) has at any time performed a controlled function without approval, and

(b)     at that time P knew, or could reasonably be expected to have known, that P was performing a controlled function without approval,

it may impose a penalty on P of such amount as it considers appropriate.

(2)     For the purposes of this section P performs a controlled function without approval at any time if at that time—

(a)     P performs a controlled function under an arrangement entered into

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