Moved by
Lord Sharkey
13: Clause 19, page 79, line 6, at end insert—
“( ) After section 316 insert—
“316A Duty of the Financial Conduct Authority
Where a financial penalty is awarded against a firm by the Financial Conduct Authority arising out of a Financial Conduct Authority investigation, the Financial Conduct Authority must withhold a proportion, to be determined at its sole discretion, of any discount to the penalty until it is satisfied that the firm which is a party to the settlement has completed any internal disciplinary actions agreed in the settlement.””