ABSTRACT
This chapter describes the disciplinary sanctions and supervisory measures available to the regulators in respect of individuals. The purpose of the regulators' restitutionary powers is to minimise the loss suffered by victims of misconduct. References to 'disciplinary measures' against individuals are primarily to those provided under section 66 Financial Services and Markets Act (FSMA). These are powers whose primary purpose is to deter and punish misconduct by individuals. Section 66(4) FSMA imposes a limitation period on disciplinary action by the FCA and PRA. Section 66(3B) FSMA states that a suspension, condition or limitation may have effect in relation to a part of a function. A public censure is a public statement of a person's misconduct by a regulator pursuant to section 66(3)(b) FSMA. The regulators may impose unlimited financial penalties, or fines, on individuals for misconduct: section 66(3)(a) FSMA. The FCA and PRA will apply leniency where a proposed penalty would otherwise subject the person concerned to 'serious financial hardship'.
