[63A Power to impose penalties]
[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—