Section 25 — Misconduct

Extent: E+W+S+N.I.

This version in force from 2016-07-06

Snapshot: 2026-08-24

Reproduced from legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). Amendments made after 2026-08-24 may not be reflected — always check the official text .

(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) In section 66A (misconduct: action by FCA)—

(a) omit the “or” at the end of subsection (2)(b)(i);

(b) at the end of subsection (2)(b)(ii) insert, or (iii) a director of an authorised person.;

(d) at the end of subsection (3)(b)(ii) insert, or (iii) a director of the authorised person.;

(e) omit the “and” at the end of subsection (5)(b);

(f) at the end of subsection (5)(c) insert, and (d) the senior manager did not take such steps as a person in the senior manager's position could reasonably be expected to take to avoid the contravention occurring (or continuing).;

(g) omit subsection (6);

(h) in subsection (8) after the definition of “approved person” insert—“director”, in relation to an authorised person, has the same meaning as in section 64A;.

(3) In section 66B (misconduct: action by PRA)—

(a) omit the “or” at the end of subsection (2)(b)(i);

(b) at the end of subsection (2)(b)(ii) insert, or (iii) a director of a PRA-authorised person.;

(d) at the end of subsection (3)(b)(ii) insert, or (iii) a director of the PRA-authorised person.;

(e) omit the “and” at the end of subsection (5)(b);

(g) omit subsection (6);

(h) in subsection (8) after the definition of “approved person” insert—“director”, in relation to an authorised person, has the same meaning as in section 64A;.