Legislation

Entities are reminded that the following extracts of the three acts may apply to them when submitting information through the ‘STRIX’ system to the Authority.

Under Section 40 of the Financial Services Act 2008 a person commits an offence if he knowingly or recklessly gives any information to the Authority which is false or misleading in a material particular or, without reasonable excuse, fails to furnish information which that person is required to furnish to the Authority, and is liable:-

(a) on summary conviction, to a fine not exceeding £5,000 or to a term of custody not exceeding 6 months, or to both;

(b) on conviction on information, to a fine or to a term of custody not exceeding 2 years, or to both.

Under section 52 & 53 of the Insurance Act 2008, a person commits an offence if that person -

(a) cause or permit to be included in any book or document provided or produced to the Authority, a statement which that person knows to be false or misleading in a material particular or recklessly causes or permits to be so included any statement which is false or misleading in a material particular; or

(b) in purported compliance with any provision of this Act or a requirement imposed under any such provision, provide information which that person knows to be false or misleading in a material particular or recklessly provides information which is false or misleading in a material particular.

A person guilty of an offence under any provision of this Act or regulations made under this Act is liable —

(a) on summary conviction, to a fine not exceeding £5,000 or to custody for a term not exceeding 6 months, or to both;

(b) on conviction on information, to a fine or to custody for a term not exceeding 2 years, or to both.

Under Section 20 of the Designated Business (Registration and Oversight) Act 2015 a person who —

(a) furnishes or sends to the Authority for any purpose under this Act information that the person knows to be false or misleading in a material particular;

(b) recklessly furnishes or sends to the Authority for the purposes of this Act information that is false or misleading in a material particular; or

(c) in furnishing information to the Authority for the purposes of this Act —

(i) makes a statement that the person knows to be false or misleading in a material particular; or

(ii) recklessly makes a statement that is false or misleading in a material particular,

is guilty of an offence.