Financial Services Act 2012

21(1)Section 373 (insolvency practitioner's duty to report to Authority) is amended as follows.U.K.

(2)In subsection (1)—

(a)in paragraph (a), omit the words from “by virtue of” to “Authority”,

(b)in paragraph (b), for the words from “carried on” to the end substitute “carried on—

(i)a regulated activity in contravention of the general prohibition, or

(ii)a credit-related regulated activity in contravention of section 20,”, and

(c)for “to the Authority without delay” substitute “ without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA ”.

(3)After that subsection insert—

“(1A)Subsection (1) does not apply where—

(a)the bankruptcy order or sequestration award is in force by virtue of a petition presented by a regulator, and

(b)the regulator's petition depended on a contravention by the individual of the general prohibition.”

(4)In the heading, for “to Authority” substitute “ to FCA and PRA ”.