Commentary on Sections and Schedules FSA’s disciplinary powers Section 10: Removal of restriction on imposing a penalty and cancelling authorisation
157.Section 206(2) of FSMA prohibits the FSA from both imposing a penalty on an authorised person under that section and withdrawing a person’s authorisation under section 33 in respect of the same contravention. This section repeals this prohibition thus enabling the FSA to stop an authorised person from continuing to carry on a regulated activity at the same time as imposing a financial penalty on that person.