Miscellaneous Disciplinary action against formerly authorised persons
Under section 168(3) and (5) of FSMA 2000, the FCA and the PRA may appoint one or more competent persons to conduct an investigation on their behalf. Section 168(1) to (2) sets out the circumstances in which a regulator can exercise its power under section 168(3). Section 168(4) specifies the circumstances in which a regulator can exercise its power under section 168(5). The powers in section 168 can be used against a range of persons, including authorised persons under FSMA 2000.
	Part 14 of FSMA 2000 gives the FCA and the PRA certain disciplinary powers. In particular, if a regulator considers that an authorised person has contravened a relevant requirement, it may publish a statement to that effect under section 205, or impose a financial penalty, under section 206(1) of FSMA 2000. By virtue of section 404C of FSMA 2000, these powers can also be used against formerly authorised persons to enforce rules made under section 404.
	Under section 384(5), the FCA or the PRA can require an authorised person to pay profits unlawfully accrued or an amount for the loss the person caused if the regulator is satisfied that the conditions set out in subsection (1) are met.
	The powers described above cannot be used against formerly authorised persons (except in the circumstances set out in section 404C). "Authorised person" under section 31 of FSMA 2000 means a person with a current permission to carry on one or more regulated activities in the UK.