Consequences of regulatory breach
6. What are the potential consequences for breaching financial services rules on cloud outsourcing?

The Prudential Regulation Authority and Financial Conduct Authority have wide ranging powers, including:

  • Withdrawing a firm's authorization
  • Prohibiting individuals from carrying on regulated activities
  • Suspending firms and individuals from undertaking regulated activities
  • Issuing unlimited fines against firms and individuals that breach rules
  • Making a public announcement when beginning disciplinary action and publishing details of warning, decision and final notices
  • Applying to the courts for injunctions, restitution orders, winding-up and other insolvency orders