(1) [A regulator] may take action against a person under this section [(whether or not it has given its approval in relation to the person)] if—
(a) it appears to the [regulator] that he is guilty of misconduct; and
(b) the [regulator] is satisfied that it is appropriate in all the circumstances to take action against him.
[(1A) For provision about when a person is guilty of misconduct for the purposes of action by a regulator—
(a) see section 66A, in the case of action by the FCA, and
(b) see section 66B, in the case of action by the PRA.]
[(2) . . .
(2A) . . .]
(3) If the [regulator] is entitled to take action under this section against a person, [it may do one or more of the following—]
(a) impose a penalty on him
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