This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking ("P") has contravened a requirement of a direction given to P by that regulator as a result of section 142L(2)(d) or (3)(d).
The regulator may impose a penalty of such amount as it considers appropriate on—
The regulator may, instead of imposing a penalty on a person, publish a statement censuring the person.
The regulator may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 142T.
"The limitation period" means the period of 3 years beginning with the first day on which the regulator knew of the contravention.
For this purpose a regulator is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.
The requirements that a regulator may be required to impose as a result of a direction under section 142L(2)(c) or (3)(c) include requirements that the regulator would not but for the direction have power to impose.