The following provisions of this section have effect only if the Treasury, by order made after consultation with the PRA, so provide.
Subsection (3) applies if it appears to the PRA that an auditor or actuary to whom section 342 applies—
has failed to comply with a duty imposed on the auditor or actuary by rules made by the PRA, or
has failed to comply with a duty imposed under this Act to communicate information to the PRA.
The PRA may exercise one or more of the specified powers.
The specified powers are such one or more of the following as may be specified in the order under subsection (1)—
to disqualify the auditor or actuary from being the auditor of, or (as the case may be) from acting as an actuary for, any PRA-authorised person or any particular class of PRA-authorised person;
to publish a statement to the effect that it appears to the PRA that the auditor or (as the case may be) actuary has failed to comply with the duty;
to impose on the auditor or actuary a penalty, payable to the PRA, of such amount as the PRA considers appropriate.
Where the PRA disqualifies a person under subsection (4)(a) it must—
notify the FCA, and
notify the person concerned that it has made a notification under paragraph (a).
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The PRA may remove any disqualification imposed under subsection (4)(a) if satisfied that the disqualified person will in future comply with the duty in question.