(1) If the FCA considers that a designated firm has contravened a relevant requirement, it may impose, for such period as it considers appropriate, such limitations in relation to the carrying on of a regulated activity by the designated firm as it considers appropriate.

(2) In paragraph (1) above "carrying on of a regulated activity" means carrying on of a regulated activity under any permission given (or treated as given) by the FCA or PRA or conferred by any provision of the 2000 Act.

(3) The period for which a limitation is to have effect may not exceed 12 months.

(4) A limitation may, in particular, be imposed so as to require the designated firm to take, or refrain from taking, specified action.

(5) The FCA may -

(a) withdraw a limitation, or

(b) vary a limitation so as to reduce the period for which it has effect or otherwise to limit its effect.

(6) The power under this regulation may (but need not) be exercised so as to have effect in relation to all the regulated activities that the designated firm carries on.