Miscellaneous Disciplinary action against formerly authorised persons
Firms performing regulated financial services activities in the UK must generally be authorised by the FCA, or where relevant, the PRA. A firm must apply to obtain authorisation and once authorised, must comply with the relevant rules and requirements set out by the regulators.
	The FCA and the PRA have a broad range of powers to supervise firms and enforce rules and regulatory requirements. For example, they can carry out investigations, and where a firm fails to adhere to a requirement or rule, the FCA and the PRA have the ability to take disciplinary action against the firm. These disciplinary actions include the publication of a statement detailing the misconduct (‘public censure’) or the issuing of fines.
	Except in some specific circumstances, the FCA and the PRA are unable to take disciplinary action against firms which are no longer authorised, if they committed misconduct whilst they were authorised.
	The Act allows the FCA and the PRA to take action against firms that are no longer authorised (provided they become unauthorised on or after the introduction of this Act), for misconduct while they were authorised. This will enable the regulators to appoint a person to carry out an investigation into potential misconduct, issue a public censure, issue a financial penalty, and require the payment of compensation to victims of misconduct. This will ensure that any firms committing misconduct are held to account, and that they cannot escape appropriate disciplinary action by applying to cancel their authorisation before their misconduct is identified by the regulators.